Teekay (NYSE:TK) Shares Gap Up After Dividend Announcement

Teekay Co. (NYSE:TK) gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $7.45, but opened at $8.10. Teekay shares last traded at $8.56, with a volume of 385,401 shares trading hands.

The newly announced dividend which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, December 4th. Teekay’s dividend payout ratio is presently 16.67%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Teekay from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 28th.

Teekay Trading Down 2.5 %

The stock has a 50 day moving average of $8.58 and a 200-day moving average of $8.49. The stock has a market capitalization of $749.41 million, a P/E ratio of 5.44 and a beta of 0.60.

Teekay (NYSE:TK) last issued its earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share (EPS) for the quarter. The firm had revenue of $326.14 million during the quarter. Teekay had a net margin of 11.05% and a return on equity of 6.56%.

Hedge Funds Weigh In On Teekay

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC grew its position in shares of Teekay by 135.2% during the 2nd quarter. CWM LLC now owns 3,391 shares of the shipping company’s stock worth $30,000 after buying an additional 1,949 shares in the last quarter. Point72 DIFC Ltd grew its holdings in Teekay by 885.2% during the 2nd quarter. Point72 DIFC Ltd now owns 4,798 shares of the shipping company’s stock worth $43,000 after acquiring an additional 4,311 shares in the last quarter. Quarry LP increased its position in Teekay by 90.6% during the 2nd quarter. Quarry LP now owns 8,415 shares of the shipping company’s stock valued at $75,000 after purchasing an additional 4,000 shares during the period. Diversified Trust Co raised its holdings in shares of Teekay by 16.4% in the 2nd quarter. Diversified Trust Co now owns 14,211 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 2,004 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Teekay by 604.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 17,600 shares of the shipping company’s stock worth $128,000 after purchasing an additional 15,100 shares during the period. 46.73% of the stock is currently owned by institutional investors.

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.