Teekay (NYSE:TK) Trading Down 7.3% – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK) shares fell 7.3% during mid-day trading on Thursday . The company traded as low as $11.21 and last traded at $11.1840. 249,009 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 584,537 shares. The stock had previously closed at $12.06.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of Teekay from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Wall Street Zen lowered shares of Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold”.

Teekay Stock Down 8.0%

The firm’s 50 day simple moving average is $12.64 and its 200 day simple moving average is $11.43. The company has a market cap of $962.74 million, a price-to-earnings ratio of 7.36 and a beta of 0.19.

Teekay (NYSE:TK) last issued its quarterly earnings data on Wednesday, May 13th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44. The business had revenue of $285.82 million during the quarter, compared to analyst estimates of $285.82 million. Teekay had a return on equity of 6.36% and a net margin of 13.03%.

Teekay Dividend Announcement

The firm also recently declared a special dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, May 26th.

Insider Activity at Teekay

In related news, CEO Kenneth Hvid sold 6,822 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $12.04, for a total value of $82,136.88. Following the completion of the transaction, the chief executive officer owned 105,500 shares in the company, valued at $1,270,220. This represents a 6.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Simon Heidi Locke sold 18,119 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $12.37, for a total transaction of $224,132.03. Following the transaction, the director directly owned 47,582 shares in the company, valued at approximately $588,589.34. The trade was a 27.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 408,818 shares of company stock worth $5,014,530. 2.38% of the stock is owned by company insiders.

Institutional Trading of Teekay

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Empowered Funds LLC lifted its holdings in Teekay by 8.0% in the 1st quarter. Empowered Funds LLC now owns 511,686 shares of the shipping company’s stock valued at $6,248,000 after acquiring an additional 37,800 shares during the last quarter. Amundi boosted its holdings in Teekay by 55.5% during the first quarter. Amundi now owns 32,166 shares of the shipping company’s stock worth $393,000 after buying an additional 11,479 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Teekay by 12.9% in the first quarter. Quantinno Capital Management LP now owns 39,869 shares of the shipping company’s stock valued at $487,000 after buying an additional 4,549 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Teekay by 69.2% in the first quarter. Sei Investments Co. now owns 55,000 shares of the shipping company’s stock valued at $672,000 after buying an additional 22,486 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of Teekay by 66.5% during the 1st quarter. Cetera Investment Advisers now owns 25,009 shares of the shipping company’s stock valued at $305,000 after acquiring an additional 9,992 shares during the last quarter. Institutional investors 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.