Teekay (NYSE:TK) Shares Gap Down – What’s Next?

Teekay Corporation Ltd. (NYSE:TK)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $13.34, but opened at $12.38. Teekay shares last traded at $12.50, with a volume of 105,832 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Teekay from a “buy” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

Teekay Stock Down 9.1%

The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 8.03 and a beta of 0.23. The company has a 50 day simple moving average of $12.72 and a 200 day simple moving average of $11.12.

Teekay (NYSE:TK) last announced its quarterly earnings results on Wednesday, May 13th. The shipping company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.11 by $0.44. The company 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 Announces Dividend

The company also recently declared a special dividend, which will be paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th will be paid a dividend of $1.00 per share. The ex-dividend date is Tuesday, May 26th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Mercuria Capital Strategies LLC bought a new stake in shares of Teekay in the 4th quarter worth approximately $11,091,000. Allspring Global Investments Holdings LLC increased its position in shares of Teekay by 58.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after purchasing an additional 1,029,977 shares during the period. Millennium Management LLC increased its position in shares of Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after purchasing an additional 720,093 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of Teekay during the 4th quarter valued at $4,066,000. Finally, HRT Financial LP acquired a new position in shares of Teekay during the 4th quarter valued at $2,996,000. Hedge funds and other institutional investors own 46.73% of the company’s stock.

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.