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

Wall Street Zen upgraded shares of Teekay (NYSE:TK) from a hold rating to a buy rating in a report published 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.com, the stock currently has a consensus rating of “Hold”.

Teekay Stock Up 0.2%

Shares of NYSE TK opened at $13.20 on Friday. The firm has a market cap of $1.15 billion, a P/E ratio of 6.35 and a beta of 0.23. Teekay has a twelve month low of $7.80 and a twelve month high of $14.38. The company has a 50 day moving average of $11.41 and a 200 day moving average of $11.96.

Teekay (NYSE:TK) last issued 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 quarter in the prior year, the business posted $0.22 EPS.

Insider Activity at Teekay

In other Teekay news, Director Simon Heidi Locke sold 18,119 shares of Teekay stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $12.37, for a total value of $224,132.03. Following the completion of the sale, the director owned 47,582 shares of the company’s stock, valued at approximately $588,589.34. The trade was a 27.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rudolph Krediet sold 63,042 shares of Teekay stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $11.80, for a total transaction of $743,895.60. Following the completion of the sale, the director directly owned 35,167 shares of the company’s stock, valued at approximately $414,970.60. This trade represents a 64.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 454,206 shares of company stock valued at $5,541,325 over the last ninety days. Company insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Teekay

A number of institutional investors and hedge funds have recently modified their holdings of TK. Dimensional Fund Advisors LP grew its holdings in shares of Teekay by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company’s stock worth $66,004,000 after acquiring an additional 79,826 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Teekay by 58.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after acquiring an additional 1,029,977 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Teekay by 5.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock valued at $18,120,000 after acquiring an additional 110,755 shares during the period. Millennium Management LLC boosted its position in Teekay by 88.5% in the third quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock worth $11,618,000 after purchasing an additional 666,990 shares during the last quarter. Finally, UBS Group AG boosted its position in Teekay by 3.5% in the third quarter. UBS Group AG now owns 1,304,519 shares of the shipping company’s stock worth $10,671,000 after purchasing an additional 43,574 shares during the last quarter. 46.73% of the stock is currently 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.