Teekay (NYSE:TK) Stock Price Down 5.4% - What's Next?

Key Points

• Teekay shares fell 5.4% on Thursday, trading as low as $10.44 and ending near $10.43, well below the prior close of $11.02. Trading volume was also sharply lower than normal, with just 45,304 shares changing hands.
• Analysts remain cautious on the stock: Teekay’s overall consensus rating is Hold, with recent commentary including a downgrade from Wall Street Zen and a small rating adjustment from Weiss Ratings.
• The company recently posted better-than-expected earnings, with EPS of $0.55 versus estimates of $0.11, and also paid a $1.00 special dividend. However, insider selling has been notable, including large share sales by two directors in June.

Shares of Teekay Corporation Ltd. (NYSE:TK - Get Free Report) dropped 5.4% on Thursday . The stock traded as low as $10.44 and last traded at $10.4250. 45,304 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 591,786 shares. The stock had previously closed at $11.02.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings upgraded shares of Teekay from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Wall Street Zen downgraded shares of Teekay from a "buy" rating to a "hold" rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Teekay has an average rating of "Hold".

Teekay Trading Down 6.0%

The company's 50 day moving average price is $12.20 and its 200-day moving average price is $11.51. The company has a market capitalization of $899.04 million, a PE ratio of 6.87 and a beta of 0.22.

Teekay (NYSE:TK - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The shipping company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.44. Teekay had a return on equity of 6.36% and a net margin of 13.03%.The business had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million.

Teekay Dividend Announcement

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

Insider Activity

In other news, Director Simon Heidi Locke sold 18,119 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $12.37, for a total transaction of $224,132.03. Following the completion of the sale, the director owned 47,582 shares of the company's stock, valued at approximately $588,589.34. This trade represents a 27.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rudolph Krediet sold 63,042 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $11.80, for a total transaction of $743,895.60. Following the completion of the sale, the director owned 35,167 shares in the company, valued at approximately $414,970.60. This trade represents a 64.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 408,818 shares of company stock valued at $5,014,530. Corporate insiders own 2.38% of the company's stock.

Hedge Funds Weigh In On Teekay

Large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in shares of Teekay by 8.0% in the 1st quarter. Empowered Funds LLC now owns 511,686 shares of the shipping company's stock valued at $6,248,000 after buying an additional 37,800 shares during the period. Amundi increased its position in shares of Teekay by 55.5% during the 1st quarter. Amundi now owns 32,166 shares of the shipping company's stock valued at $393,000 after purchasing an additional 11,479 shares during the period. Quantinno Capital Management LP raised its position in Teekay by 12.9% in the first quarter. Quantinno Capital Management LP now owns 39,869 shares of the shipping company's stock worth $487,000 after acquiring an additional 4,549 shares in the last quarter. Sei Investments Co. lifted its stake in Teekay by 69.2% during the first quarter. Sei Investments Co. now owns 55,000 shares of the shipping company's stock valued at $672,000 after purchasing an additional 22,486 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of Teekay by 66.5% during the 1st quarter. Cetera Investment Advisers now owns 25,009 shares of the shipping company's stock worth $305,000 after acquiring an additional 9,992 shares in the last quarter. 46.73% of the stock is currently owned by institutional investors.

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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