334,894 Shares in Teekay Tankers Ltd. $TNK Purchased by Fearnley Asset Management AS

Key Points

• Fearnley Asset Management AS disclosed a new fourth-quarter stake in Teekay Tankers, buying 334,894 shares valued at about $17.9 million. The holding represents roughly 0.97% of the company and is Fearnley’s fourth-largest position.
• Several other institutional investors also adjusted their Teekay Tankers holdings, while institutional ownership overall stands at 52.67%. Insider activity was mixed, with Director David Schellenberg selling 7,031 shares in June.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and a $77 average price target. Teekay Tankers also reported strong recent results, including $3.69 EPS and a quarterly dividend of $0.25 per share.

Fearnley Asset Management AS acquired a new position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 334,894 shares of the shipping company's stock, valued at approximately $17,890,000. Teekay Tankers makes up about 8.2% of Fearnley Asset Management AS's investment portfolio, making the stock its 4th largest position. Fearnley Asset Management AS owned 0.97% of Teekay Tankers as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in Teekay Tankers by 217.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company's stock worth $75,000 after buying an additional 959 shares in the last quarter. Vident Advisory LLC bought a new stake in shares of Teekay Tankers during the 4th quarter worth $718,000. EP Wealth Advisors LLC purchased a new position in Teekay Tankers in the fourth quarter worth $316,000. Empowered Funds LLC grew its position in Teekay Tankers by 5.4% in the fourth quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company's stock worth $8,449,000 after acquiring an additional 8,066 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Teekay Tankers in the fourth quarter valued at $1,199,000. Institutional investors own 52.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TNK. Evercore reissued an "outperform" rating and issued a $86.00 target price on shares of Teekay Tankers in a research note on Friday, May 15th. Wall Street Zen lowered Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research note on Wednesday, May 20th. DNB Markets downgraded Teekay Tankers from a "buy" rating to a "hold" rating in a research report on Friday, February 20th. Finally, Dnb Carnegie lowered Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Teekay Tankers has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Insider Buying and Selling at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the transaction, the director owned 7,445 shares of the company's stock, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.90% of the company's stock.

Teekay Tankers Price Performance

TNK opened at $74.44 on Friday. The stock has a 50-day moving average price of $75.51 and a 200-day moving average price of $68.19. The firm has a market cap of $2.57 billion, a PE ratio of 6.05 and a beta of -0.25. Teekay Tankers Ltd. has a 1 year low of $41.05 and a 1 year high of $83.99.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers's dividend payout ratio is currently 8.13%.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company's fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.

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