Teekay (NYSE:TK) Issues Quarterly Earnings Results

Key Points

• Teekay reported quarterly EPS of $0.79, beating the $0.11 consensus estimate by $0.68 and rising from $0.22 in the year-ago quarter. Net margin was 13.03%, while return on equity was 6.36%.
• Shares traded around $11.46, with a market capitalization of approximately $994 million and a P/E ratio of 7.59. The company also paid a $1.00 special dividend to eligible shareholders on June 2.
• Analysts maintain a consensus “Hold” rating, while insiders sold roughly 408,818 shares worth $5.0 million over the past 90 days; institutional investors own 46.73% of the stock.

Teekay (NYSE:TK - Get Free Report) released its earnings results on Wednesday. The shipping company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.68, RTT News reports. Teekay had a net margin of 13.03% and a return on equity of 6.36%. During the same period in the prior year, the company posted $0.22 earnings per share.

Teekay Stock Performance

Shares of NYSE TK traded up $0.18 during midday trading on Wednesday, hitting $11.46. The company's stock had a trading volume of 582,098 shares, compared to its average volume of 590,721. Teekay has a 1-year low of $7.11 and a 1-year high of $14.38. The firm's fifty day moving average price is $11.49 and its 200-day moving average price is $11.70. The firm has a market cap of $994.06 million, a P/E ratio of 7.59 and a beta of 0.22.

Teekay Dividend Announcement

The firm also recently declared a special dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were issued a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, May 26th.

Insider Buying and Selling at Teekay

In other news, CEO Kenneth Hvid sold 6,822 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $12.04, for a total transaction of $82,136.88. Following the completion of the transaction, the chief executive officer directly owned 105,500 shares of the company's stock, valued at approximately $1,270,220. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Simon Heidi Locke sold 18,119 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was 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 in the company, valued at $588,589.34. The trade was a 27.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 408,818 shares of company stock worth $5,014,530 in the last ninety days. Insiders own 2.38% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. bought a new stake in Teekay in the third quarter valued at $193,000. Amundi bought a new position in shares of Teekay during the fourth quarter worth about $187,000. Jump Financial LLC acquired a new stake in shares of Teekay in the 4th quarter worth about $155,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Teekay in the 3rd quarter worth about $142,000. Finally, Raymond James Financial Inc. bought a new stake in Teekay in the 2nd quarter valued at about $140,000. 46.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings downgraded Teekay from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, July 17th. Wall Street Zen cut Teekay from a "buy" rating to a "hold" rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Teekay has a consensus rating of "Hold".

About Teekay

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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