Teekay (NYSE:TK) Sets New 52-Week High - What's Next?

Key Points

• Teekay shares reached a new 52-week high of $14.67 and last traded at $14.366, above the previous close of $14.19. The stock has a market capitalization of approximately $1.25 billion and a P/E ratio of 6.91.
• Analysts upgraded Teekay to “Buy,” while the company reported quarterly EPS of $0.79, significantly exceeding the $0.11 consensus estimate and improving from $0.22 in the prior-year quarter.
• Insiders have sold 207,976 shares worth roughly $2.81 million over the past 90 days, including substantial sales by the CEO and CFO. Meanwhile, institutional investors own 46.73% of the company, with Allspring increasing its stake by 58.7%.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $14.67 and last traded at $14.3660, with a volume of 897982 shares. The stock had previously closed at $14.19.

Analyst Upgrades and Downgrades

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

Teekay Price Performance

The business has a 50-day moving average of $12.25 and a 200-day moving average of $12.24. The company has a market capitalization of $1.25 billion, a P/E ratio of 6.91 and a beta of 0.25.

Teekay (NYSE:TK - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share 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 quarter in the previous year, the business earned $0.22 EPS.

Insider Activity

In other Teekay news, CFO Brody Speers sold 2,350 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $13.10, for a total transaction of $30,785.00. Following the completion of the transaction, the chief financial officer owned 1,014 shares in the company, valued at $13,283.40. The trade was a 69.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief executive officer directly owned 105,500 shares in the company, valued at approximately $1,506,540. This represents a 55.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 207,976 shares of company stock valued at $2,811,628. 2.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Teekay

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its stake in Teekay by 58.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company's stock worth $33,796,000 after buying an additional 1,029,977 shares during the period. U S Global Investors Inc. purchased a new stake in Teekay in the 1st quarter valued at about $767,000. Sanctuary Advisors LLC bought a new position in Teekay in the 1st quarter worth about $875,000. Hsbc Holdings PLC bought a new position in Teekay in the 4th quarter worth about $630,000. Finally, Dimensional Fund Advisors LP grew its stake in Teekay by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company's stock worth $66,004,000 after acquiring an additional 79,826 shares in the last quarter. Hedge funds and other institutional investors own 46.73% of the company's stock.

Teekay Company Profile

Teekay Corporation NYSE: TK is a marine transportation company that provides international shipping services for the energy industry. Through its subsidiaries and affiliated companies, Teekay is primarily involved in the ownership and operation of crude oil and refined petroleum product tankers that transport energy commodities around the world.

The company's fleet and commercial operations serve energy producers, refiners, commodity traders and other customers across major global shipping routes.

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