Teekay (NYSE:TK) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Teekay shares moved above their 200-day moving average, reaching $14.12 and last trading near $14.10 versus the $12.19 average.
• Analyst sentiment improved, with Weiss Ratings and Wall Street Zen upgrading the stock to “Buy”; MarketBeat reports an overall “Buy” rating.
• Teekay reported quarterly EPS of $0.79, beating the $0.11 consensus estimate, though insiders sold approximately $1.49 million of stock over the past three months.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.19 and traded as high as $14.12. Teekay shares last traded at $14.0990, with a volume of 451,841 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TK shares. Weiss Ratings upgraded 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 report on Saturday, August 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy".

Teekay Price Performance

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 6.78 and a beta of 0.25. The business'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 announced its quarterly 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 period in the prior year, the company posted $0.22 earnings per share.

Insider Activity

In related news, CFO Brody Speers sold 2,350 shares of the firm's stock in a transaction on 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 directly owned 1,014 shares of the company's stock, valued at approximately $13,283.40. This trade represents a 69.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heidi Simon sold 18,119 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $12.37, for a total value of $224,132.03. Following the sale, the director owned 47,582 shares of the company's stock, valued at $588,589.34. This represents a 27.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 126,549 shares of company stock worth $1,494,823. 2.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Teekay

Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new stake in Teekay during the second quarter valued at $33,000. Transamerica Financial Advisors LLC increased its holdings in shares of Teekay by 250.8% during the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company's stock valued at $40,000 after purchasing an additional 3,130 shares during the period. Zions Bancorporation National Association UT acquired a new position in Teekay during the 4th quarter valued at about $43,000. Cubist Systematic Strategies LLC bought a new stake in Teekay during the first quarter worth approximately $48,000. Finally, Pinnacle Holdings LLC bought a new stake in shares of Teekay in the 2nd quarter worth $62,000. 46.73% of the stock is currently owned by institutional investors and hedge funds.

Teekay Company Profile

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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