Acadian Asset Management LLC Sells 297,365 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Acadian Asset Management LLC sold 297,365 shares of Teekay Tankers, reducing its stake by 70% in the first quarter, leaving it with 127,539 shares valued at approximately $4.88 million.
• Teekay Tankers reported earnings per share of $1.41 for the latest quarter, which was below the consensus estimate of $1.59, while revenue fell short of expectations at $154.23 million.
• The company has a market capitalization of $1.79 billion and a PE ratio of 6.48, with a current consensus rating of "Moderate Buy" from analysts.

Acadian Asset Management LLC lessened its holdings in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 70.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 127,539 shares of the shipping company's stock after selling 297,365 shares during the period. Acadian Asset Management LLC owned 0.37% of Teekay Tankers worth $4,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. increased its position in Teekay Tankers by 1.5% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,238,898 shares of the shipping company's stock worth $47,413,000 after buying an additional 18,222 shares during the period. American Century Companies Inc. increased its position in Teekay Tankers by 2.7% during the 1st quarter. American Century Companies Inc. now owns 939,599 shares of the shipping company's stock worth $35,958,000 after buying an additional 24,942 shares during the period. Encompass Capital Advisors LLC bought a new position in Teekay Tankers during the 1st quarter worth $17,210,000. Bridgeway Capital Management LLC increased its position in Teekay Tankers by 0.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 352,374 shares of the shipping company's stock worth $13,485,000 after buying an additional 3,213 shares during the period. Finally, Pacer Advisors Inc. bought a new position in Teekay Tankers during the 1st quarter worth $11,986,000. Institutional investors own 52.67% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Jefferies Financial Group reiterated a "buy" rating and set a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday, July 31st. Zacks Research upgraded Teekay Tankers from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Teekay Tankers currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers Stock Up 0.4%

NYSE:TNK opened at $52.15 on Friday. The stock's 50-day simple moving average is $46.25 and its 200 day simple moving average is $43.17. The firm has a market capitalization of $1.79 billion and a PE ratio of 6.48. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $62.45.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.59 by ($0.18). The business had revenue of $154.23 million during the quarter, compared to analyst estimates of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same period last year, the business earned $3.11 earnings per share. On average, analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.00 annualized dividend and a yield of 1.9%. Teekay Tankers's dividend payout ratio (DPR) is 12.42%.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.

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