Teekay (NYSE:TK) Shares Break Above 200-Day Moving Average - What's Next?

Key Points

• Teekay shares broke above their 200-day moving average, trading as high as $14.26 versus the average of $12.34, and last changing hands around $14.12.
• Analysts recently upgraded Teekay to “buy,” while the company reported quarterly EPS of $0.79—well above the $0.11 consensus estimate.
• Insiders sold 190,257 shares worth approximately $2.6 million over the past quarter, while institutional investors own 46.73% of the company and several funds increased their holdings.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $12.34 and traded as high as $14.26. Teekay shares last traded at $14.1230, with a volume of 554,826 shares changing hands.

Analyst Upgrades and Downgrades

TK has been the topic of several recent research reports. Weiss Ratings upgraded Teekay from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 4th. Wall Street Zen raised shares of Teekay from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy".

Teekay Trading Up 1.0%

The company has a market capitalization of $1.23 billion, a PE ratio of 6.79 and a beta of 0.25. The stock's 50-day moving average is $12.81 and its two-hundred day moving average is $12.34.

Teekay (NYSE:TK - Get Free Report) last announced its earnings results on Friday, July 31st. The shipping company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm earned $0.22 earnings per share.

Insiders Place Their Bets

In related news, CEO Kenneth Hvid sold 132,884 shares of the business's stock in a transaction on 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 completion of the transaction, the chief executive officer owned 105,500 shares in the company, valued at $1,506,540. The trade was a 55.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi Simon sold 11,585 shares of the company's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $14.08, for a total value of $163,116.80. Following the completion of the transaction, the director directly owned 46,001 shares in the company, valued at $647,694.08. This trade represents a 20.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 190,257 shares of company stock valued at $2,593,468 over the last quarter. 2.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted 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 buying an additional 1,029,977 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Teekay in the 1st quarter valued at about $875,000. U S Global Investors Inc. bought a new position in Teekay in the 1st quarter worth about $767,000. Hsbc Holdings PLC bought a new position in Teekay in the 4th quarter worth about $630,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Teekay by 1.5% during the first 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 during the period. 46.73% of the stock is currently owned by institutional investors.

About Teekay

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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