Teekay (NYSE:TK) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Teekay Corporation Ltd. (NYSE:TK) shares passed 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 reiterated a “hold (c-)” rating on shares of Teekay in a report on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Teekay currently has a consensus rating of “Hold”.

Teekay Trading Down 1.8%

The firm’s 50 day simple moving average is $9.53 and its 200-day simple moving average is $8.60. The stock has a market capitalization of $827.94 million, a price-to-earnings ratio of 6.39 and a beta of 0.14.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position 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 worth $16,366,000 after purchasing an additional 1,122,843 shares during the last quarter. Millennium Management LLC grew its position in shares of Teekay by 153.8% in the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after acquiring an additional 720,093 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Teekay by 40.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock valued at $17,362,000 after acquiring an additional 604,666 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Teekay by 36.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,394,516 shares of the shipping company’s stock valued at $11,477,000 after purchasing an additional 371,530 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Teekay in the 3rd quarter valued at about $2,712,000. 46.73% of the stock is currently owned by institutional investors.

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.