Kenneth Hvid Sells 6,822 Shares of Teekay (NYSE:TK) Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 6,822 shares of Teekay stock in a transaction that occurred on Friday, June 12th. The stock was 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 directly owned 105,500 shares in the company, valued at approximately $1,270,220. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Kenneth Hvid also recently made the following trade(s):

• On Thursday, June 11th, Kenneth Hvid sold 315,335 shares of Teekay stock. The stock was sold at an average price of $12.36, for a total value of $3,897,540.60.

Teekay Price Performance

Teekay stock opened at $12.34 on Friday. The stock’s 50 day moving average is $12.72 and its 200 day moving average is $11.28. The firm has a market cap of $1.07 billion, a P/E ratio of 8.17 and a beta of 0.19. Teekay Corporation Ltd. has a one year low of $7.11 and a one year high of $14.38.

Teekay (NYSE:TK) last posted its quarterly earnings data on Wednesday, May 13th. The shipping company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44. The company had revenue of $285.82 million for 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 business also recently disclosed a special dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, May 26th.

Hedge Funds Weigh In On Teekay

Several institutional investors have recently added to or reduced their stakes in TK. Mercuria Capital Strategies LLC acquired a new position in Teekay in the fourth quarter valued at approximately $11,091,000. Allspring Global Investments Holdings LLC lifted its stake 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 valued at $33,796,000 after buying an additional 1,029,977 shares during the period. Millennium Management LLC lifted its stake in Teekay by 153.8% in the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after buying an additional 720,093 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of Teekay during the fourth quarter worth approximately $4,066,000. Finally, HRT Financial LP acquired a new position in shares of Teekay during the fourth quarter worth approximately $2,996,000. 46.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TK. Weiss Ratings lowered Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, June 8th. Wall Street Zen lowered Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

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.