Allianz Asset Management GmbH Has $411,000 Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Key Points

• Allianz Asset Management GmbH reduced its stake in Teekay Tankers Ltd. by 41.4%, resulting in ownership of 10,741 shares valued at $411,000.
• Teekay Tankers recently reported earnings of $1.41 per share, missing analyst expectations, while revenues totaled $154.23 million for the quarter.
• The company announced a quarterly dividend of $0.25 per share, resulting in a yield of 2.3% and a payout ratio of 12.42%.

Allianz Asset Management GmbH lowered its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 41.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 10,741 shares of the shipping company's stock after selling 7,587 shares during the period. Allianz Asset Management GmbH's holdings in Teekay Tankers were worth $411,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of TNK. GAMMA Investing LLC raised its stake in shares of Teekay Tankers by 3,882.5% in the 1st quarter. GAMMA Investing LLC now owns 19,594 shares of the shipping company's stock worth $750,000 after buying an additional 19,102 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Teekay Tankers in the 4th quarter valued at about $5,131,000. Highland Capital Management LLC bought a new position in shares of Teekay Tankers during the 1st quarter valued at about $286,000. Integrated Advisors Network LLC bought a new position in shares of Teekay Tankers during the 1st quarter valued at about $213,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Teekay Tankers in the 4th quarter worth approximately $310,000. Institutional investors and hedge funds own 52.67% of the company's stock.

Teekay Tankers Stock Performance

Shares of NYSE:TNK traded down $0.38 during mid-day trading on Wednesday, hitting $45.81. The stock had a trading volume of 270,051 shares, compared to its average volume of 505,776. The company's 50 day moving average is $44.40 and its 200-day moving average is $41.90. Teekay Tankers Ltd. has a 12-month low of $33.35 and a 12-month high of $62.45. The company has a market cap of $1.57 billion, a PE ratio of 5.69 and a beta of -0.09.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings results 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). Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. The business had revenue of $154.23 million for the quarter, compared to analyst estimates of $162.67 million. During the same period in the previous year, the firm posted $3.11 earnings per share. On average, equities research analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. Teekay Tankers's payout ratio is presently 12.42%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TNK. Evercore ISI reduced their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group restated a "buy" rating and issued a $55.00 target price on shares of Teekay Tankers in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.67.

Teekay Tankers Company Profile

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.