Teekay Co. (NYSE:TK) Sees Large Drop in Short Interest

Teekay Co. (NYSE:TK) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 743,000 shares, a decrease of 20.1% from the August 31st total of 929,500 shares. Based on an average trading volume of 569,300 shares, the days-to-cover ratio is presently 1.3 days. Currently, 1.3% of the company’s stock are short sold.

Teekay Trading Down 1.3 %

Shares of TK traded down $0.12 during midday trading on Friday, reaching $9.27. 677,116 shares of the company were exchanged, compared to its average volume of 637,685. Teekay has a 1-year low of $5.70 and a 1-year high of $9.95. The stock has a 50-day moving average price of $8.25 and a 200-day moving average price of $8.27. The company has a market cap of $843.11 million, a price-to-earnings ratio of 5.72 and a beta of 0.59.

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

Institutional Investors Weigh In On Teekay

A number of institutional investors and hedge funds have recently modified their holdings of TK. Point72 DIFC Ltd raised its stake in Teekay by 885.2% during the 2nd quarter. Point72 DIFC Ltd now owns 4,798 shares of the shipping company’s stock valued at $43,000 after purchasing an additional 4,311 shares during the period. Aristides Capital LLC acquired a new stake in Teekay during the 2nd quarter valued at $180,000. Cetera Investment Advisers increased its stake in shares of Teekay by 47.9% in the second quarter. Cetera Investment Advisers now owns 176,707 shares of the shipping company’s stock worth $1,585,000 after acquiring an additional 57,242 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Teekay by 124.3% in the second quarter. Point72 Asset Management L.P. now owns 23,100 shares of the shipping company’s stock worth $207,000 after acquiring an additional 12,800 shares during the last quarter. Finally, Quarry LP increased its stake in shares of Teekay by 90.6% in the second quarter. Quarry LP now owns 8,415 shares of the shipping company’s stock worth $75,000 after acquiring an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 46.73% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Teekay from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 28th.

Teekay Company Profile

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.