Teekay (NYSE:TK) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK)’s stock price 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.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued 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, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Teekay Price Performance

The company’s 50-day moving average price is $9.47 and its two-hundred day moving average price is $8.79. The company has a market capitalization of $939.89 million, a P/E ratio of 7.26 and a beta of 0.18.

Hedge Funds Weigh In On Teekay

A number of large investors have recently made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its stake in Teekay by 128.1% in the 4th quarter. Concurrent Investment Advisors LLC now owns 104,840 shares of the shipping company’s stock valued at $947,000 after purchasing an additional 58,884 shares during the period. Clark Asset Management LLC acquired a new stake in shares of Teekay during the fourth quarter worth $177,000. CWM LLC boosted its position in shares of Teekay by 34.2% in the fourth quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock valued at $51,000 after acquiring an additional 1,449 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Teekay by 307.0% in the fourth quarter. State of Alaska Department of Revenue now owns 13,902 shares of the shipping company’s stock valued at $124,000 after acquiring an additional 10,486 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in Teekay by 1.4% during the fourth quarter. Ritholtz Wealth Management now owns 154,498 shares of the shipping company’s stock worth $1,395,000 after acquiring an additional 2,177 shares during the period. 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.