Teekay (NYSE:TK) Shares Gap Up – Still a Buy?

Teekay Corporation Ltd. (NYSE:TK) shares gapped up prior to trading on Wednesday. The stock had previously closed at $14.57, but opened at $15.12. Teekay shares last traded at $15.0150, with a volume of 36,910 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TK shares. Wall Street Zen upgraded Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. Weiss Ratings upgraded shares of Teekay from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Teekay Stock Performance

The company’s fifty day simple moving average is $14.02 and its two-hundred day simple moving average is $12.28. The stock has a market capitalization of $1.28 billion, a PE ratio of 7.09 and a beta of 0.33.

Teekay (NYSE:TK) last released 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. During the same period last year, the business earned $0.22 earnings per share.

Insider Activity

In other Teekay news, Director Heidi Simon sold 11,585 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $14.08, for a total value of $163,116.80. Following the transaction, the director owned 46,001 shares in the company, valued at $647,694.08. The trade was a 20.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kenneth Hvid sold 132,884 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $14.28, for a total value of $1,897,583.52. Following the sale, the chief executive officer owned 105,500 shares of the company’s stock, valued at approximately $1,506,540. This trade represents a 55.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 190,257 shares of company stock valued at $2,593,468. 2.38% of the stock is currently owned by company insiders.

Institutional Trading of Teekay

A number of institutional investors and hedge funds have recently modified their holdings of TK. Park Avenue Securities LLC lifted its position in shares of Teekay by 15.4% in the 3rd quarter. Park Avenue Securities LLC now owns 16,134 shares of the shipping company’s stock worth $230,000 after buying an additional 2,155 shares during the last quarter. USA Financial Formulas acquired a new position in Teekay in the third quarter valued at approximately $50,000. TD Waterhouse Canada Inc. grew its holdings in shares of Teekay by 9,299.0% during the third quarter. TD Waterhouse Canada Inc. now owns 28,197 shares of the shipping company’s stock valued at $411,000 after purchasing an additional 27,897 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Teekay by 8.3% during the second quarter. Sequoia Financial Advisors LLC now owns 62,187 shares of the shipping company’s stock worth $622,000 after acquiring an additional 4,781 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its stake in Teekay by 55.9% during the 2nd quarter. Engineers Gate Manager LP now owns 83,199 shares of the shipping company’s stock valued at $832,000 after purchasing an additional 29,845 shares during the period. 46.73% of the stock is owned by institutional investors and hedge funds.

About Teekay

Teekay Corporation (NYSE: TK) is a marine transportation and logistics company focused on the energy industry. Through its interests in affiliated companies, Teekay has been involved in the ownership, operation and management of tankers and other vessels that transport crude oil, refined petroleum products and other energy-related cargoes.

The company’s principal operating exposure is through Teekay Tankers Ltd., which provides seaborne transportation services for crude oil and refined petroleum products.