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

Teekay Co. (NYSE:TK)’s stock price gapped up prior to trading 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. Shareholders of record on Wednesday, December 4th will be paid a $1.00 dividend. The ex-dividend date is Wednesday, December 4th. Teekay’s payout ratio is 16.67%.

Wall Street Analyst Weigh In

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

Teekay Stock Down 2.5 %

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

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

Hedge Funds Weigh In On Teekay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Teekay by 135.2% in 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 during the period. Point72 DIFC Ltd boosted its holdings in shares of Teekay by 885.2% in the second 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 during the period. Quarry LP boosted its holdings 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 period. Diversified Trust Co grew its position in shares of Teekay by 16.4% in the second 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. raised its stake in shares of Teekay by 604.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 17,600 shares of the shipping company’s stock valued at $128,000 after purchasing an additional 15,100 shares during the period. Institutional investors own 46.73% of the company’s stock.

About Teekay

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.