Teekay (NYSE:TK) Stock Rating Lowered by StockNews.com

Teekay (NYSE:TK) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday.

Teekay Stock Performance

Shares of NYSE TK opened at $8.17 on Wednesday. The company has a market cap of $742.61 million, a PE ratio of 5.04 and a beta of 0.64. The business has a 50-day simple moving average of $8.26 and a two-hundred day simple moving average of $8.13. Teekay has a fifty-two week low of $5.70 and a fifty-two week high of $9.95.

Teekay (NYSE:TK) last issued its quarterly earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share for the quarter. Teekay had a return on equity of 7.03% and a net margin of 11.18%. The business had revenue of $326.14 million during the quarter.

Institutional Investors Weigh In On Teekay

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Teekay by 9.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,084,487 shares of the shipping company’s stock valued at $36,354,000 after acquiring an additional 449,307 shares in the last quarter. Bell & Brown Wealth Advisors LLC purchased a new position in Teekay during the fourth quarter valued at approximately $1,439,000. Sei Investments Co. raised its position in Teekay by 13.4% during the first quarter. Sei Investments Co. now owns 537,009 shares of the shipping company’s stock valued at $3,909,000 after acquiring an additional 63,504 shares in the last quarter. Russell Investments Group Ltd. raised its position in Teekay by 66.5% during the fourth quarter. Russell Investments Group Ltd. now owns 128,820 shares of the shipping company’s stock valued at $923,000 after acquiring an additional 51,441 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Teekay by 70.5% during the fourth quarter. BNP Paribas Financial Markets now owns 161,427 shares of the shipping company’s stock valued at $1,154,000 after acquiring an additional 66,726 shares in the last quarter. Institutional investors and hedge funds own 46.73% of the company’s stock.

About Teekay

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.