Teekay (NYSE:TK) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Teekay Corporation Ltd. (NYSE:TK)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $8.60 and traded as high as $9.22. Teekay shares last traded at $9.0150, with a volume of 321,106 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Teekay in a research report on Monday. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Teekay has an average rating of “Hold”.

Teekay Price Performance

The company’s 50 day simple moving average is $9.53 and its 200 day simple moving average is $8.60. The stock has a market cap of $827.94 million, a P/E ratio of 6.39 and a beta of 0.14.

Institutional Trading of Teekay

Several hedge funds have recently added to or reduced their stakes in TK. JPMorgan Chase & Co. lifted its holdings in shares of Teekay by 130.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock valued at $16,366,000 after purchasing an additional 1,122,843 shares in the last quarter. Millennium Management LLC raised its holdings in Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after buying an additional 720,093 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Teekay by 40.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock valued at $17,362,000 after buying an additional 604,666 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Teekay by 36.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,394,516 shares of the shipping company’s stock valued at $11,477,000 after buying an additional 371,530 shares during the period. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Teekay during the third quarter worth $2,712,000. Institutional investors and hedge funds own 46.73% of the company’s stock.

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.