Teekay's (TK) "Sell (D+)" Rating Reaffirmed at Weiss Ratings

Key Points

• Teekay's stock has been reaffirmed with a "Sell (D+)" rating by Weiss Ratings, indicating a negative outlook on the company's performance.
• The stock price rose by $0.05 to $8.00 on Wednesday, with 549,427 shares traded, underperforming compared to its average trading volume.
• Institutional ownership stands at 46.73%, with several significant hedge funds increasing their positions in Teekay during the first and second quarters of the year.

Teekay (NYSE:TK - Get Free Report)'s stock had its "sell (d+)" rating restated by research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Teekay Price Performance

NYSE:TK traded up $0.05 on Wednesday, reaching $8.00. 549,427 shares of the company's stock were exchanged, compared to its average volume of 744,041. The firm has a market cap of $734.72 million, a price-to-earnings ratio of 5.67 and a beta of 0.42. Teekay has a 52 week low of $5.65 and a 52 week high of $9.39. The stock has a fifty day simple moving average of $8.08 and a 200-day simple moving average of $7.80.

Hedge Funds Weigh In On Teekay

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Teekay by 381.8% in the first quarter. GAMMA Investing LLC now owns 4,139 shares of the shipping company's stock valued at $27,000 after acquiring an additional 3,280 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Teekay in the first quarter valued at approximately $48,000. Tower Research Capital LLC TRC boosted its position in shares of Teekay by 194.8% in the second quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company's stock valued at $63,000 after acquiring an additional 5,022 shares during the period. Virtus Advisers LLC bought a new position in shares of Teekay in the first quarter valued at approximately $59,000. Finally, New York State Common Retirement Fund boosted its position in shares of Teekay by 20.9% in the first quarter. New York State Common Retirement Fund now owns 10,425 shares of the shipping company's stock valued at $68,000 after acquiring an additional 1,802 shares during the period. 46.73% of the stock is currently owned by institutional investors.

About Teekay

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.

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