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Shares of Teekay Under Pressure, Down 1.2%

Published on Wed, 03/06/2013 - 11:32
By Mallory Stone

Teekay (NYSE:TK) is one of today's notable stocks in decline, down 1.2% to $34.75. The S&P is currently trading fractionally higher to 1,542 and the Dow Jones Industrial Average is trading 0.3% higher to 14,293.

Teekay Corporation provides international crude oil and petroleum product transportation services to major oil companies, major oil traders, and government agencies. The Company provides its services through a fleet of medium size oil tankers worldwide.

Teekay share prices have moved between a 52-week high of $36.69 and a 52-week low of $24.98 and are now trading 39% above that low price at $34.75 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.2%.

Teekay (NYSE:TK) has potential upside of 3.6% based on a current price of $34.75 and analysts' consensus price target of $36.00. The stock should discover initial support at its 50-day moving average (MA) of $34.36 and subsequent support at its 200-day MA of $31.26.

By Mallory Stone
mstone@fnno.com