Teekay (NYSE:TK) Shares Gap Up After Dividend Announcement

Teekay Co. (NYSE:TK) shares gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $7.45, but opened at $8.10. Teekay shares last traded at $8.56, with a volume of 385,401 shares.

The newly announced dividend which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a dividend of $1.00 per share. The ex-dividend date is Wednesday, December 4th. Teekay’s dividend payout ratio (DPR) is currently 16.67%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Teekay from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 28th.

Teekay Stock Performance

The stock has a market cap of $749.41 million, a P/E ratio of 5.44 and a beta of 0.60. The firm’s 50 day moving average is $8.58 and its 200 day moving average is $8.49.

Teekay (NYSE:TK) last issued its quarterly earnings data on Thursday, August 1st. The shipping company reported $0.35 EPS for the quarter. Teekay had a return on equity of 6.56% and a net margin of 11.05%. The firm had revenue of $326.14 million during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in shares of Teekay by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,527,077 shares of the shipping company’s stock worth $49,579,000 after buying an additional 176,641 shares during the last quarter. Renaissance Technologies LLC raised its stake in Teekay by 19.2% in the 2nd quarter. Renaissance Technologies LLC now owns 4,026,075 shares of the shipping company’s stock worth $36,114,000 after acquiring an additional 649,900 shares during the last quarter. Acadian Asset Management LLC lifted its position in Teekay by 2.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,763,197 shares of the shipping company’s stock worth $15,808,000 after acquiring an additional 50,077 shares during the period. American Century Companies Inc. grew its stake in Teekay by 27.2% during the 2nd quarter. American Century Companies Inc. now owns 1,546,328 shares of the shipping company’s stock valued at $13,871,000 after purchasing an additional 331,002 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of Teekay by 3.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 691,897 shares of the shipping company’s stock valued at $5,037,000 after purchasing an additional 21,075 shares during the period. 46.73% of the stock is owned by institutional investors and hedge funds.

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.