Teekay (NYSE:TK) Shares Gap Down – Should You Sell?

Shares of Teekay Corporation Ltd. (NYSE:TK) gapped down before the market opened on Tuesday . The stock had previously closed at $13.34, but opened at $12.38. Teekay shares last traded at $12.50, with a volume of 105,832 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Teekay from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Teekay Stock Performance

The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 8.03 and a beta of 0.23. The business has a 50 day simple moving average of $12.72 and a 200-day simple moving average of $11.12.

Teekay (NYSE:TK) last issued its earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44. Teekay had a return on equity of 6.36% and a net margin of 13.03%.The business had revenue of $285.82 million during the quarter, compared to the consensus estimate of $285.82 million.

Teekay Announces Dividend

The business also recently announced a special dividend, which will be paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, May 26th.

Institutional Trading of Teekay

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mercuria Capital Strategies LLC acquired a new stake in shares of Teekay during the 4th quarter worth about $11,091,000. Allspring Global Investments Holdings LLC boosted its position in Teekay by 58.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock worth $33,796,000 after purchasing an additional 1,029,977 shares in the last quarter. Millennium Management LLC boosted its position in Teekay by 153.8% during the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after purchasing an additional 720,093 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of Teekay in the fourth quarter valued at $4,066,000. Finally, HRT Financial LP purchased a new stake in shares of Teekay in the fourth quarter valued at $2,996,000. 46.73% of the stock is owned by institutional investors and hedge funds.

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.