Teekay (NYSE:TK) Stock Price Down 5.9% – What’s Next?

Teekay Corporation Ltd. (NYSE:TK) traded down 5.9% during mid-day trading on Wednesday . The stock traded as low as $12.75 and last traded at $12.5780. Approximately 35,844 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 579,613 shares. The stock had previously closed at $13.36.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings cut Teekay from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, August 20th. Wall Street Zen raised Teekay from a “hold” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold”.

Teekay Stock Performance

The company’s 50-day moving average price is $11.46 and its 200-day moving average price is $12.01. The firm has a market capitalization of $1.08 billion, a PE ratio of 5.95 and a beta of 0.23.

Teekay (NYSE:TK) last posted its earnings results on Friday, July 31st. The shipping company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.11 by $0.68. Teekay had a return on equity of 7.91% and a net margin of 15.78%.During the same period last year, the firm earned $0.22 EPS.

Insiders Place Their Bets

In other news, Director Rudolph Krediet sold 41,457 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $11.45, for a total transaction of $474,682.65. Following the sale, the director owned 35,167 shares of the company’s stock, valued at approximately $402,662.15. This trade represents a 54.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brody Speers sold 2,350 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $13.10, for a total value of $30,785.00. Following the sale, the chief financial officer owned 1,014 shares of the company’s stock, valued at approximately $13,283.40. The trade was a 69.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 454,206 shares of company stock worth $5,541,325 over the last 90 days. Insiders own 2.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC purchased a new stake in Teekay in the first quarter valued at $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Teekay by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,460 shares of the shipping company’s stock worth $213,000 after purchasing an additional 1,404 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of 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 during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Teekay in the 1st quarter valued at about $267,000. Finally, Jane Street Group LLC boosted its position in shares of Teekay by 82.3% in the 1st quarter. Jane Street Group LLC now owns 160,068 shares of the shipping company’s stock valued at $1,052,000 after purchasing an additional 72,240 shares during the period. 46.73% of the stock is owned by hedge funds and other 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.