Teekay (NYSE:TK) Stock Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Teekay shares broke above their 200-day moving average, reaching $14.41 before closing at $13.8650, compared with a 200-day average of $12.64.
• Analyst sentiment was positive: Weiss Ratings upgraded the stock to “buy,” Wall Street Zen raised it to “buy,” and MarketBeat reported a consensus “Buy” rating.
• Teekay reported quarterly earnings of $0.79 per share, significantly exceeding the $0.11 analyst consensus, while insiders sold roughly 190,257 shares worth $2.59 million over three months.

Teekay Corporation Ltd. (NYSE:TK - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $12.64 and traded as high as $14.41. Teekay shares last traded at $13.8650, with a volume of 445,706 shares.

Wall Street Analyst Weigh In

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

Teekay Price Performance

The business has a 50 day simple moving average of $13.78 and a 200 day simple moving average of $12.64. The stock has a market cap of $1.20 billion, a PE ratio of 6.67 and a beta of 0.33.

Teekay (NYSE:TK - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates 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 in the prior year, the firm posted $0.22 earnings per share.

Insider Transactions at Teekay

In related news, Director Heidi Simon sold 11,585 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $14.08, for a total transaction of $163,116.80. Following the transaction, the director owned 46,001 shares of the company's stock, valued at approximately $647,694.08. This trade represents a 20.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kenneth Hvid sold 132,884 shares of the firm'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 transaction 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. The trade was a 55.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 190,257 shares of company stock worth $2,593,468. Corporate insiders own 2.38% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. USA Financial Formulas bought a new position in Teekay in the 3rd quarter valued at $50,000. TD Waterhouse Canada Inc. increased its holdings in shares of Teekay by 9,299.0% in the third quarter. TD Waterhouse Canada Inc. now owns 28,197 shares of the shipping company's stock valued at $411,000 after purchasing an additional 27,897 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Teekay by 8.3% in the second quarter. Sequoia Financial Advisors LLC now owns 62,187 shares of the shipping company's stock valued at $622,000 after purchasing an additional 4,781 shares in the last quarter. Engineers Gate Manager LP raised its position in Teekay by 55.9% in the 2nd quarter. Engineers Gate Manager LP now owns 83,199 shares of the shipping company's stock worth $832,000 after purchasing an additional 29,845 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its position in Teekay by 4.6% in 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 during 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 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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