Teekay (NYSE:TK) Stock Price Up 7.2% – Time to Buy?

Teekay Corporation Ltd. (NYSE:TK)’s share price was up 7.2% during mid-day trading on Wednesday . The stock traded as high as $9.47 and last traded at $9.52. Approximately 226,566 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 544,377 shares. The stock had previously closed at $8.88.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Teekay in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Teekay currently has a consensus rating of “Hold”.

Teekay Stock Performance

The stock has a market capitalization of $873.86 million, a P/E ratio of 6.75 and a beta of 0.18. The stock has a 50-day moving average price of $9.51 and a two-hundred day moving average price of $8.59.

Institutional Investors Weigh In On Teekay

Institutional investors and hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL raised its stake in Teekay by 191.0% in the third quarter. Tudor Investment Corp ET AL now owns 407,901 shares of the shipping company’s stock worth $3,337,000 after buying an additional 267,743 shares in the last quarter. Coldstream Capital Management Inc. bought a new stake in shares of Teekay during the third quarter valued at approximately $193,000. PharVision Advisers LLC purchased a new stake in Teekay in the third quarter worth $97,000. Virtus Advisers LLC raised its holdings in Teekay by 628.1% in the third quarter. Virtus Advisers LLC now owns 65,393 shares of the shipping company’s stock worth $535,000 after purchasing an additional 56,412 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in Teekay during the third quarter valued at $2,712,000. 46.73% of the stock is owned by hedge funds and other institutional investors.

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.