Teekay (TK - Get Report) primarily provides crude oil and gas marine transportation services in Bermuda and internationally. This stock traded up 11.4% to $6.51 in Tuesday's trading session.
From a technical perspective, Teekay soared sharply higher on Tuesday with strong upside volume flows. This high-volume spike to the upside is now quickly pushing shares of Teekay within range of triggering a big breakout trade above some key near-term overhead resistance levels. That trade will trigger if this stock manages to take out some near-term overhead resistance levels at $6.59 to $7.16 a share with high volume
Traders should now look for long-biased trades in Teekay as long as it's trending above Tuesday's intraday low of $5.75 a share and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.62 million shares. If that breakout triggers soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at its 20-day moving average of $7.62 to $8, or even $8.50 a share.
Last December our Gas team celebrated the keel laying ceremony of six LNG newbuildings – H2416/17/53/54/55/61. Five of these 173,400 cubic meter MEGI (M-type, Electronically Controlled, Gas Injection) engine LNG newbuildings are under time-charter contracts with Royal Dutch Shell plc (Shell). The remaining, H2461, is committed to the Bahrain project.
The newbuildings are currently under construction at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea and are expected to deliver between 2017 and 2018.
Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of over $13 billion, comprised of over 215 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.
As at September 30, 2015, Teekay Parent had total liquidity of $303.9 million and, on a consolidated basis, Teekay Corporation had total liquidity of approximately $1.0 billion (consisting of $789.7 million of cash and cash equivalents and $231.9 million of undrawn revolving credit facilities).
Where you getting that ?
Latest consolidated balance sheet shows $3.6 billion in equity.
You making stuff up ?
Because of the oil crash, Wall Street is punishing pretty much all oil and gas related stocks, even those that have essentially little or no exposure to commodity prices.