Teekay (NYSE:TK) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Teekay Corporation Ltd. (NYSE:TK) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $8.79 and traded as high as $10.32. Teekay shares last traded at $10.2340, with a volume of 539,562 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Teekay in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Teekay Stock Performance

The firm’s 50-day simple moving average is $9.47 and its 200 day simple moving average is $8.79. The stock has a market capitalization of $939.89 million, a P/E ratio of 7.26 and a beta of 0.18.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. boosted its holdings in shares of Teekay by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 2,401,121 shares of the shipping company’s stock valued at $19,641,000 after buying an additional 147,009 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Teekay by 5.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock worth $18,120,000 after acquiring an additional 110,755 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Teekay by 130.4% in the second quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock valued at $16,366,000 after acquiring an additional 1,122,843 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Teekay by 25.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,753,892 shares of the shipping company’s stock valued at $15,469,000 after acquiring an additional 359,376 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Teekay by 88.5% during the 3rd quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock worth $11,618,000 after purchasing an additional 666,990 shares during the last quarter. 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.