Teekay (NYSE:TK) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Teekay (NYSE:TK) from a strong-buy rating to a buy rating in a research note released on Wednesday morning.

Teekay Price Performance

TK stock opened at $8.31 on Wednesday. Teekay has a 52-week low of $5.70 and a 52-week high of $9.95. The company has a 50-day moving average of $8.25 and a two-hundred day moving average of $8.13. The stock has a market capitalization of $755.79 million, a price-to-earnings ratio of 5.13 and a beta of 0.64.

Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share (EPS) for the quarter. Teekay had a net margin of 11.18% and a return on equity of 7.03%. The company had revenue of $326.14 million during the quarter.

Institutional Investors Weigh In On Teekay

Several hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Teekay by 10.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,814 shares of the shipping company’s stock valued at $130,000 after buying an additional 1,747 shares during the period. CWM LLC lifted its stake in Teekay by 135.2% during the second quarter. CWM LLC now owns 3,391 shares of the shipping company’s stock worth $30,000 after purchasing an additional 1,949 shares during the period. Diversified Trust Co lifted its stake in Teekay by 16.4% during the second quarter. Diversified Trust Co now owns 14,211 shares of the shipping company’s stock worth $127,000 after purchasing an additional 2,004 shares during the period. DGS Capital Management LLC lifted its stake in Teekay by 24.6% during the first quarter. DGS Capital Management LLC now owns 14,974 shares of the shipping company’s stock worth $109,000 after purchasing an additional 2,958 shares during the period. Finally, Quarry LP increased its holdings in shares of Teekay by 90.6% during the second quarter. Quarry LP now owns 8,415 shares of the shipping company’s stock worth $75,000 after buying an additional 4,000 shares in the last quarter. Institutional investors own 46.73% of the company’s stock.

About Teekay

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.