Rudolph Krediet Sells 63,042 Shares of Teekay (NYSE:TK) Stock

Teekay Corporation Ltd. (NYSE:TK) Director Rudolph Krediet sold 63,042 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $11.80, for a total transaction of $743,895.60. Following the transaction, the director owned 35,167 shares of the company’s stock, valued at approximately $414,970.60. This represents a 64.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Teekay Stock Down 3.1%

NYSE TK traded down $0.38 during trading on Wednesday, reaching $11.74. 534,125 shares of the stock traded hands, compared to its average volume of 588,333. Teekay Corporation Ltd. has a fifty-two week low of $7.11 and a fifty-two week high of $14.38. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 7.77 and a beta of 0.19. The stock’s 50-day moving average price is $12.70 and its 200 day moving average price is $11.32.

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

Teekay Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Transamerica Financial Advisors LLC boosted its position in shares of Teekay by 250.8% during the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock worth $40,000 after buying an additional 3,130 shares during the period. Zions Bancorporation National Association UT acquired a new position in Teekay during the 4th quarter worth approximately $43,000. CWM LLC boosted its position in Teekay by 34.2% during the 4th quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock worth $51,000 after acquiring an additional 1,449 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Teekay during the 1st quarter worth approximately $48,000. Finally, Tower Research Capital LLC TRC boosted its position in Teekay by 194.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock worth $63,000 after acquiring an additional 5,022 shares during the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wall Street Zen lowered Teekay from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings cut shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

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.