Teekay (NYSE:TK) Releases Earnings Results, Beats Estimates By $0.68 EPS

Teekay (NYSE:TK) issued its quarterly earnings results on Wednesday. The shipping company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.68, RTT News reports. Teekay had a return on equity of 6.36% and a net margin of 13.03%.During the same quarter last year, the business earned $0.22 EPS.

Teekay Trading Up 1.6%

Shares of NYSE TK traded up $0.18 during mid-day trading on Wednesday, reaching $11.46. The company had a trading volume of 582,098 shares, compared to its average volume of 590,721. Teekay has a 1-year low of $7.11 and a 1-year high of $14.38. The stock has a market cap of $994.06 million, a PE ratio of 7.59 and a beta of 0.22. The company has a 50-day moving average price of $11.49 and a two-hundred day moving average price of $11.70.

Teekay Announces Dividend

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

Insider Activity

In other news, Director Simon Heidi Locke sold 18,119 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $12.37, for a total value of $224,132.03. Following the completion of the sale, the director owned 47,582 shares in the company, valued at $588,589.34. This represents a 27.58% 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, CEO Kenneth Hvid sold 315,335 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $12.36, for a total value of $3,897,540.60. Following the completion of the sale, the chief executive officer directly owned 112,322 shares of the company’s stock, valued at approximately $1,388,299.92. This trade represents a 73.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 408,818 shares of company stock valued at $5,014,530. Corporate insiders own 2.38% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Transamerica Financial Advisors LLC boosted its position in Teekay by 250.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock worth $40,000 after acquiring an additional 3,130 shares during the period. Zions Bancorporation National Association UT purchased a new position in Teekay during the 4th quarter valued at about $43,000. Cubist Systematic Strategies LLC acquired a new position in shares of Teekay in the 1st quarter valued at about $48,000. Tower Research Capital LLC TRC increased its holdings in shares of Teekay by 194.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock valued at $63,000 after purchasing an additional 5,022 shares during the period. Finally, Osaic Holdings Inc. lifted its position in shares of Teekay by 1,008.8% in the second quarter. Osaic Holdings Inc. now owns 10,456 shares of the shipping company’s stock worth $86,000 after purchasing an additional 9,513 shares in the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TK shares. Weiss Ratings cut shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 17th. Wall Street Zen downgraded Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Teekay presently has a consensus rating of “Hold”.

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.