Frigate Ventures Lp buys $9.6 Million stake in Teekay Corporation (TK)

Teekay Corporation (TK) : Frigate Ventures Lp scooped up 902,236 additional shares in Teekay Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,027,236 shares of Teekay Corporation which is valued at $9.6 Million.Teekay Corporation makes up approximately 6.25% of Frigate Ventures Lp’s portfolio.

Other Hedge Funds, Including , Alliancebernstein reduced its stake in TK by selling 175 shares or 0.61% in the most recent quarter. The Hedge Fund company now holds 28,418 shares of TK which is valued at $265,140.Princeton Alpha Management Lp boosted its stake in TK in the latest quarter, The investment management firm added 7,509 additional shares and now holds a total of 40,611 shares of Teekay Corporation which is valued at $399,612. Teekay Corporation makes up approx 0.06% of Princeton Alpha Management Lp’s portfolio.Schwab Charles Investment Management Inc boosted its stake in TK in the latest quarter, The investment management firm added 8,247 additional shares and now holds a total of 346,984 shares of Teekay Corporation which is valued at $3.4 Million.State Of Wisconsin Investment Board reduced its stake in TK by selling 1,180 shares or 3.52% in the most recent quarter. The Hedge Fund company now holds 32,325 shares of TK which is valued at $318,078.Rhumbline Advisers boosted its stake in TK in the latest quarter, The investment management firm added 1,080 additional shares and now holds a total of 39,963 shares of Teekay Corporation which is valued at $393,236.

Teekay Corporation opened for trading at $9.63 and hit $10.18 on the upside on Wednesday, eventually ending the session at $10.13, with a gain of 7.31% or 0.69 points. The heightened volatility saw the trading volume jump to 16,54,333 shares. Company has a market cap of $861 M.

On the company’s financial health, Teekay Corporation reported $-0.08 EPS for the quarter, missing the analyst consensus estimate by $ -0.25 based on the information available during the earnings call on May 19, 2016. Analyst had a consensus of $0.17. The company had revenue of $641.10 million for the quarter, compared to analysts expectations of $619.95 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production storage and offloading services primarily under long-term fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors through its subsidiary Teekay LNG Partners L.P. (Teekay LNG). The Company is engaged in the operations in the offshore production storage and transportation sector through its subsidiary Teekay Offshore Partners L.P. (Teekay Offshore) and through its interest in Teekay Petrojarl AS. It is also engaged in the conventional tanker business through its subsidiary Teekay Tankers Ltd. (Teekay Tankers). The Company has four primary lines of business which consist of offshore logistics offshore production liquefied gas carriers and conventional tankers.

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