Kenneth Hvid Sells 132,884 Shares of Teekay (NYSE:TK) Stock

Key Points

• Teekay CEO Kenneth Hvid sold 132,884 shares at an average price of $14.28, generating approximately $1.90 million. His remaining ownership fell 55.74% to 105,500 shares.
• Teekay shares traded near a 52-week high at $14.38, while the company reported quarterly EPS of $0.79—well above analysts’ $0.11 consensus estimate.
• Institutional investors own 46.73% of Teekay, and analyst sentiment is favorable, with the stock carrying a consensus “Buy” rating.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) CEO Kenneth Hvid sold 132,884 shares of the company's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $14.28, for a total value of $1,897,583.52. Following the completion of the sale, the chief executive officer owned 105,500 shares of the company's stock, valued at $1,506,540. This trade represents a 55.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Teekay Price Performance

Teekay stock traded up $0.28 during trading on Friday, reaching $14.38. 626,945 shares of the company were exchanged, compared to its average volume of 580,060. Teekay Corporation Ltd. has a 52-week low of $7.80 and a 52-week high of $14.39. The company has a market capitalization of $1.25 billion, a P/E ratio of 6.91 and a beta of 0.25. The stock's 50 day simple moving average is $11.95 and its two-hundred day simple moving average is $12.19.

Teekay (NYSE:TK - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.68. Teekay had a return on equity of 7.91% and a net margin of 15.78%.During the same quarter last year, the company earned $0.22 EPS.

Institutional Investors Weigh In On Teekay

A number of institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Teekay by 58.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company's stock valued at $33,796,000 after acquiring an additional 1,029,977 shares during the period. Versor Investments LP lifted its position in shares of Teekay by 177.0% during the fourth quarter. Versor Investments LP now owns 63,700 shares of the shipping company's stock worth $575,000 after purchasing an additional 40,700 shares in the last quarter. U S Global Investors Inc. purchased a new position in shares of Teekay in the first quarter valued at approximately $767,000. Hsbc Holdings PLC acquired a new position in shares of Teekay in the fourth quarter valued at approximately $630,000. Finally, Sanctuary Advisors LLC purchased a new stake in Teekay during the 1st quarter worth approximately $875,000. 46.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on TK shares. Wall Street Zen raised Teekay from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Weiss Ratings raised shares of Teekay from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy".

About Teekay

Teekay Corporation NYSE: TK is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay's core business is organized into three operating segments.

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