Teekay (NYSE:TK) Shares Gap Up - Here's Why

Key Points

• Teekay shares jumped at the open, rising from a prior close of $14.57 to $15.12 before trading around $15.02. The company has a $1.28 billion market capitalization and its shares remain above their 50-day and 200-day moving averages.
• Analyst sentiment improved, with Weiss Ratings and Wall Street Zen upgrading Teekay to “Buy.” The stock holds a consensus “Buy” rating, supported by quarterly EPS of $0.79, which exceeded estimates by $0.68.
• Insiders have been selling shares: company insiders sold 190,257 shares worth approximately $2.59 million over the past 90 days. Institutional investors own 46.73% of Teekay’s stock.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) shares gapped up before the market opened on Wednesday. The stock had previously closed at $14.57, but opened at $15.12. Teekay shares last traded at $15.0150, with a volume of 36,910 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TK shares. Weiss Ratings upgraded shares of Teekay from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, October 12th. Wall Street Zen raised Teekay from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, Teekay has a consensus rating of "Buy".

Teekay Price Performance

The firm has a market capitalization of $1.28 billion, a PE ratio of 7.09 and a beta of 0.33. The company's fifty day simple moving average is $14.02 and its 200-day simple moving average is $12.28.

Teekay (NYSE:TK - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.11 by $0.68. During the same quarter last year, the firm earned $0.22 EPS.

Insider Activity at Teekay

In other Teekay news, Director Rudolph Krediet sold 41,457 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $11.45, for a total transaction of $474,682.65. Following the completion of the transaction, the director owned 35,167 shares of the company's stock, valued at $402,662.15. This represents a 54.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brody Speers sold 2,350 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $13.10, for a total transaction of $30,785.00. Following the completion of the sale, the chief financial officer owned 1,014 shares of the company's stock, valued at approximately $13,283.40. The trade was a 69.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 190,257 shares of company stock worth $2,593,468 over the last 90 days. 2.38% of the stock is owned by insiders.

Institutional Trading of Teekay

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Park Avenue Securities LLC grew its stake in shares of Teekay by 15.4% in the third quarter. Park Avenue Securities LLC now owns 16,134 shares of the shipping company's stock valued at $230,000 after buying an additional 2,155 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Teekay in the second quarter valued at $33,000. Concurrent Investment Advisors LLC grew its stake in Teekay by 4.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 79,587 shares of the shipping company's stock worth $796,000 after purchasing an additional 3,473 shares in the last quarter. USA Financial Formulas acquired a new position in Teekay during the 3rd quarter worth $50,000. Finally, Quantinno Capital Management LP grew its stake in Teekay by 12.9% during the 1st quarter. Quantinno Capital Management LP now owns 39,869 shares of the shipping company's stock worth $487,000 after purchasing an additional 4,549 shares in the last quarter. Institutional investors and hedge funds own 46.73% of the company's stock.

About Teekay

Teekay Corporation NYSE: TK is a marine transportation and logistics company focused on the energy industry. Through its interests in affiliated companies, Teekay has been involved in the ownership, operation and management of tankers and other vessels that transport crude oil, refined petroleum products and other energy-related cargoes.

The company's principal operating exposure is through Teekay Tankers Ltd., which provides seaborne transportation services for crude oil and refined petroleum products.

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