Teekay (NYSE:TK) Shares Gap Up – Time to Buy?

Shares of Teekay Corporation Ltd. (NYSE:TK) gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

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

Teekay Trading Up 1.9%

The business has a fifty day simple moving average of $14.09 and a 200 day simple moving average of $12.33. The stock has a market capitalization of $1.29 billion, a P/E ratio of 7.17 and a beta of 0.33.

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

Insider Buying and Selling

In related news, CEO Kenneth Hvid sold 132,884 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $14.28, for a total transaction of $1,897,583.52. Following the transaction, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at $1,506,540. This trade represents a 55.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brody Speers sold 2,350 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $13.10, for a total transaction of $30,785.00. Following the transaction, the chief financial officer owned 1,014 shares in the company, valued at approximately $13,283.40. This trade represents a 69.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 190,257 shares of company stock valued at $2,593,468. 2.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Teekay

Several institutional investors have recently modified their holdings of TK. Park Avenue Securities LLC grew its position in Teekay by 15.4% during the third quarter. Park Avenue Securities LLC now owns 16,134 shares of the shipping company’s stock valued at $230,000 after buying an additional 2,155 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Teekay in the second quarter worth about $33,000. Concurrent Investment Advisors LLC increased its stake in shares of Teekay by 4.6% in the second quarter. Concurrent Investment Advisors LLC now owns 79,587 shares of the shipping company’s stock worth $796,000 after purchasing an additional 3,473 shares in the last quarter. USA Financial Formulas purchased a new position in shares of Teekay in the third quarter worth about $50,000. Finally, Quantinno Capital Management LP raised its position 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 purchasing an additional 4,549 shares during the period. 46.73% of the stock is owned by institutional investors.

Teekay Company Profile

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.