Teekay (NYSE:TK) Sets New 1-Year High - Here's What Happened

Key Points

• Teekay shares reached a new 52-week high, trading as high as $15.50, while the company’s market capitalization stood at approximately $1.37 billion.
• The company reported quarterly EPS of $0.79, substantially exceeding analysts’ consensus estimate of $0.11; analysts cited in the article maintain a consensus “Buy” rating.
• Teekay insiders sold 190,257 shares worth roughly $2.59 million over the prior 90 days, while institutional investors owned 46.73% of the stock.

Shares of Teekay Corporation Ltd. (NYSE:TK - Get Free Report) reached a new 52-week high on Monday. The company traded as high as $15.50 and last traded at $15.6410, with a volume of 285 shares trading hands. The stock had previously closed at $15.27.

Wall Street Analysts Forecast Growth

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

Teekay Price Performance

The firm has a market cap of $1.37 billion, a P/E ratio of 7.63 and a beta of 0.33. The company's 50-day moving average is $13.38 and its two-hundred day moving average is $12.53.

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

Insider Transactions at Teekay

In other news, CEO Kenneth Hvid sold 132,884 shares of Teekay stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $14.28, for a total transaction of $1,897,583.52. Following the sale, the chief executive officer directly owned 105,500 shares of the company's stock, valued at approximately $1,506,540. This trade represents a 55.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brody Speers sold 2,350 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $13.10, for a total value of $30,785.00. Following the completion of the transaction, the chief financial officer directly owned 1,014 shares of the company's stock, valued at $13,283.40. This represents a 69.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 190,257 shares of company stock worth $2,593,468 in the last 90 days. 2.38% of the stock is currently owned by company insiders.

Institutional Trading of Teekay

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of Teekay by 58.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company's stock valued at $33,796,000 after purchasing an additional 1,029,977 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Teekay by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company's stock valued at $66,004,000 after buying an additional 79,826 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Teekay in the 1st quarter valued at about $875,000. Hsbc Holdings PLC bought a new stake in Teekay during the 4th quarter worth approximately $630,000. Finally, U S Global Investors Inc. purchased a new stake in shares of Teekay in the first quarter worth approximately $767,000. 46.73% of the stock is currently owned by institutional investors.

Teekay Company Profile

Teekay Corporation NYSE: TK is a marine transportation company focused primarily on the ownership and operation of tanker vessels. Through its investment in Teekay Tankers Ltd., the company participates in the transportation of crude oil, refined petroleum products and other liquid cargoes for energy companies, commodity traders and other customers worldwide.

Teekay was founded in 1973 and has developed from a traditional oil-tanker operator into an international maritime services group.

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