Teekay (NYSE:TK) Posts Quarterly Earnings Results, Beats Expectations By $0.59 EPS

Teekay (NYSE:TK) announced its quarterly earnings results on Wednesday. The shipping company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.59, Zacks reports. Teekay had a net margin of 15.78% and a return on equity of 7.91%. The company had revenue of $368.93 million for the quarter, compared to analyst estimates of $688.05 million. During the same period in the previous year, the firm posted $2.64 EPS.

Teekay Stock Performance

TK stock opened at $13.32 on Thursday. The company has a market capitalization of $1.16 billion, a P/E ratio of 6.41 and a beta of 0.37. The company has a fifty day moving average price of $14.16 and a 200-day moving average price of $12.50. Teekay has a 52-week low of $8.67 and a 52-week high of $15.90.

Insider Buying and Selling

In related news, Director Heidi Simon sold 11,585 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $14.08, for a total value of $163,116.80. Following the sale, the director owned 46,001 shares of the company’s stock, valued at $647,694.08. The trade was a 20.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kenneth Hvid sold 132,884 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $14.28, for a total value of $1,897,583.52. Following the completion of the sale, the chief executive officer owned 105,500 shares of the company’s stock, valued at $1,506,540. The trade was a 55.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 148,800 shares of company stock valued at $2,118,785 over the last 90 days. 2.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TK has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Teekay from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded Teekay from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 12th. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat, Teekay has an average rating of “Buy”.

Teekay Company Profile

Teekay is an international marine transportation company with a focus on shipping energy products. Its activities include ownership and operation of crude oil and refined petroleum product tankers, primarily through its subsidiary Teekay Tankers. Teekay Tankers serves oil companies, traders and other energy-sector customers, transporting cargoes on routes around the world. The company’s fleet includes vessels designed to carry crude oil and petroleum products. Founded in 1973, Teekay has developed from a tanker operator into a marine transportation group with interests in energy shipping.