Teekay (NYSE:TK) Trading Up 5% - Here's Why

Teekay Co. (NYSE:TK - Get Free Report) shares shot up 5% during trading on Friday . The stock traded as high as $8.85 and last traded at $8.98. 1,110,941 shares were traded during trading, an increase of 44% from the average session volume of 769,848 shares. The stock had previously closed at $8.55.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Teekay from a "buy" rating to a "hold" rating in a research note on Monday, May 19th.

Teekay Price Performance

The firm has a fifty day simple moving average of $7.71 and a 200-day simple moving average of $7.11. The firm has a market cap of $823.31 million, a P/E ratio of 6.36 and a beta of 0.48.

Teekay Dividend Announcement

The business also recently announced a -- dividend, which will be paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd will be issued a $1.00 dividend. The ex-dividend date is Wednesday, July 2nd. Teekay's dividend payout ratio is presently 17.73%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TK. Pacer Advisors Inc. bought a new position in shares of Teekay in the first quarter valued at approximately $4,758,000. Millennium Management LLC lifted its holdings in shares of Teekay by 153.8% in the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company's stock valued at $7,807,000 after purchasing an additional 720,093 shares in the last quarter. Nuveen LLC bought a new position in shares of Teekay in the first quarter valued at approximately $3,242,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Teekay by 80.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 858,425 shares of the shipping company's stock valued at $5,657,000 after purchasing an additional 383,997 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Teekay by 47.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,043,479 shares of the shipping company's stock valued at $7,231,000 after purchasing an additional 338,105 shares in the last quarter. Institutional investors own 46.73% of the company's stock.

Teekay Company Profile

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.