Teekay (NYSE:TK) Stock Price Passes Above 200 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 trading hands.

Wall Street Analyst Weigh In

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

Teekay Trading Up 0.5%

The stock has a market capitalization of $939.89 million, a PE ratio of 7.26 and a beta of 0.18. The stock has a 50 day moving average price of $9.47 and a 200-day moving average price of $8.80.

Institutional Investors Weigh In On Teekay

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of Teekay by 130.4% during the second quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock valued at $16,366,000 after buying an additional 1,122,843 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after acquiring an additional 720,093 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted 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 valued at $17,362,000 after acquiring an additional 604,666 shares during the period. Allspring Global Investments Holdings LLC grew its position in 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 acquiring an additional 371,530 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Teekay in the 3rd quarter valued at $2,712,000. 46.73% of the stock is owned by institutional investors.

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.