Teekay (NYSE:TK) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Teekay from “hold” to “buy,” although Weiss Ratings separately downgraded the stock to “hold.” MarketBeat’s overall analyst consensus remains “Hold.”
• Teekay reported quarterly EPS of $0.79, far exceeding the $0.11 consensus estimate, with a 15.78% net margin and 7.91% return on equity.
• The stock opened at $13.20 and has a $7.80–$14.38 52-week range. Insiders sold 454,206 shares worth approximately $5.54 million over the past 90 days, while institutional investors own 46.73% of the company.

Teekay (NYSE:TK - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings downgraded Teekay from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

Teekay Stock Performance

Teekay stock opened at $13.20 on Friday. Teekay has a 1 year low of $7.80 and a 1 year high of $14.38. The firm has a 50 day moving average price of $11.41 and a 200 day moving average price of $11.96. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 6.35 and a beta of 0.23.

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 net margin of 15.78% and a return on equity of 7.91%. During the same quarter in the prior year, the company earned $0.22 EPS.

Insider Transactions at Teekay

In related news, Director Rudolph Krediet sold 41,457 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $11.45, for a total transaction of $474,682.65. Following the completion of the sale, the director owned 35,167 shares of the company's stock, valued at approximately $402,662.15. This represents a 54.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brody Speers sold 2,350 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer owned 1,014 shares in the company, valued at $13,283.40. The trade was a 69.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 454,206 shares of company stock worth $5,541,325 over the last 90 days. Company insiders own 2.38% of the company's stock.

Institutional Investors Weigh In On Teekay

Several large investors have recently made changes to their positions in the business. Mercuria Capital Strategies LLC acquired a new position in shares of Teekay during the 4th quarter valued at $11,091,000. Allspring Global Investments Holdings LLC boosted its position in Teekay by 58.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company's stock worth $33,796,000 after purchasing an additional 1,029,977 shares during the period. Millennium Management LLC increased its holdings in Teekay by 153.8% in the 1st 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. O Shaughnessy Asset Management LLC acquired a new stake in Teekay in the 4th quarter valued at $4,066,000. Finally, HRT Financial LP acquired a new stake in Teekay in the 4th quarter valued at $2,996,000. Institutional investors and hedge funds own 46.73% of the company's stock.

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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