Teekay (NYSE:TK) Downgraded to “Buy” at StockNews.com

StockNews.com lowered shares of Teekay (NYSE:TK) from a strong-buy rating to a buy rating in a research report report published on Friday morning.

Teekay Price Performance

TK opened at $8.05 on Friday. The firm has a market capitalization of $732.14 million, a PE ratio of 4.97 and a beta of 0.64. The business’s 50-day moving average is $8.39 and its two-hundred day moving average is $8.14. Teekay has a 1 year low of $5.70 and a 1 year high of $9.95.

Teekay (NYSE:TK) last announced its earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share for the quarter. The company had revenue of $326.14 million during the quarter. Teekay had a net margin of 11.18% and a return on equity of 7.03%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. raised its holdings in shares of Teekay by 124.3% during the second quarter. Point72 Asset Management L.P. now owns 23,100 shares of the shipping company’s stock worth $207,000 after purchasing an additional 12,800 shares during the last quarter. Quarry LP lifted its holdings in shares of Teekay by 90.6% in the 2nd quarter. Quarry LP now owns 8,415 shares of the shipping company’s stock valued at $75,000 after buying an additional 4,000 shares during the period. AQR Capital Management LLC boosted its stake in shares of Teekay by 5.5% in the second quarter. AQR Capital Management LLC now owns 293,759 shares of the shipping company’s stock worth $2,635,000 after buying an additional 15,305 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in Teekay by 26.2% during the second quarter. Cubist Systematic Strategies LLC now owns 358,685 shares of the shipping company’s stock worth $3,217,000 after acquiring an additional 74,461 shares during the period. Finally, Point72 DIFC Ltd boosted its position in Teekay by 885.2% in the 2nd quarter. Point72 DIFC Ltd now owns 4,798 shares of the shipping company’s stock worth $43,000 after purchasing an additional 4,311 shares in the last quarter. 46.73% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Company Profile

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.