Teekay (NYSE:TK) Reaches New 12-Month High – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $10.60 and last traded at $10.5950, with a volume of 67502 shares traded. The stock had previously closed at $10.49.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Teekay in a research note on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold”.

Teekay Stock Performance

The business has a 50-day moving average of $9.60 and a 200 day moving average of $8.96. The stock has a market cap of $1.03 billion, a PE ratio of 7.99 and a beta of 0.20.

Hedge Funds Weigh In On Teekay

Institutional investors have recently modified their holdings of the company. American Century Companies Inc. boosted its position in Teekay by 6.5% during the third quarter. American Century Companies Inc. now owns 2,401,121 shares of the shipping company’s stock worth $19,641,000 after acquiring an additional 147,009 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Teekay by 5.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock worth $18,120,000 after purchasing an additional 110,755 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Teekay by 130.4% during the second quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock worth $16,366,000 after purchasing an additional 1,122,843 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Teekay by 25.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,753,892 shares of the shipping company’s stock worth $15,469,000 after purchasing an additional 359,376 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Teekay by 88.5% in the third quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock valued at $11,618,000 after purchasing an additional 666,990 shares during the period. Institutional investors and hedge funds own 46.73% of the company’s stock.

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.