Teekay (NYSE:TK) Upgraded 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 morning.

Separately, Weiss Ratings lowered Teekay from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

Teekay Stock Up 0.9%

Shares of NYSE:TK opened at $13.36 on Friday. Teekay has a fifty-two week low of $7.80 and a fifty-two week high of $14.38. The firm has a 50-day simple moving average of $11.44 and a 200 day simple moving average of $11.99. The company has a market cap of $1.16 billion, a PE ratio of 6.42 and a beta of 0.23.

Teekay (NYSE:TK) last released its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.68. Teekay had a net margin of 15.78% and a return on equity of 7.91%. During the same quarter last year, the business earned $0.22 EPS.

Insiders Place Their Bets

In other Teekay news, CFO Brody Speers sold 5,500 shares of Teekay stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $12.15, for a total transaction of $66,825.00. Following the sale, the chief financial officer owned 3,364 shares of the company’s stock, valued at $40,872.60. The trade was a 62.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kenneth Hvid sold 315,335 shares of Teekay stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $12.36, for a total value of $3,897,540.60. Following the sale, the chief executive officer directly owned 112,322 shares in the company, valued at $1,388,299.92. The trade was a 73.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 454,206 shares of company stock valued at $5,541,325. 2.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TK. Allspring Global Investments Holdings LLC lifted its position 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 worth $33,796,000 after purchasing an additional 1,029,977 shares during the period. Denali Advisors LLC increased its position in shares of Teekay by 38.3% during the 4th quarter. Denali Advisors LLC now owns 283,213 shares of the shipping company’s stock valued at $2,557,000 after purchasing an additional 78,389 shares during the period. Hussman Strategic Advisors Inc. acquired a new position in shares of Teekay during the 4th quarter valued at $948,000. Versor Investments LP raised its stake in shares of Teekay by 177.0% in the 4th quarter. Versor Investments LP now owns 63,700 shares of the shipping company’s stock worth $575,000 after buying an additional 40,700 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Teekay by 128.1% in the 4th quarter. Concurrent Investment Advisors LLC now owns 104,840 shares of the shipping company’s stock worth $947,000 after buying an additional 58,884 shares in the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

Teekay Company Profile

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.