Teekay (NYSE:TK) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.70 and traded as high as $9.85. Teekay shares last traded at $9.56, with a volume of 570,865 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Teekay in a research report on Monday, December 29th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

Teekay Price Performance

The company has a 50 day simple moving average of $9.51 and a 200-day simple moving average of $8.70. The stock has a market capitalization of $877.99 million, a P/E ratio of 6.78 and a beta of 0.18.

Hedge Funds Weigh In On Teekay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TK. Envestnet Asset Management Inc. lifted its holdings in shares of Teekay by 24.0% in the second quarter. Envestnet Asset Management Inc. now owns 149,205 shares of the shipping company’s stock worth $1,231,000 after buying an additional 28,860 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Teekay by 19.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,022,986 shares of the shipping company’s stock valued at $8,470,000 after acquiring an additional 164,561 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Teekay by 40.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock worth $17,362,000 after acquiring an additional 604,666 shares during the period. American Century Companies Inc. lifted its stake in Teekay by 5.7% in the 2nd quarter. American Century Companies Inc. now owns 2,254,112 shares of the shipping company’s stock worth $18,596,000 after purchasing an additional 121,152 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Teekay in the 2nd quarter worth approximately $314,000. Institutional investors own 46.73% of the company’s stock.

Teekay Company Profile

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.