Arrowstreet Capital Limited Partnership Buys 170,940 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Arrowstreet Capital increased its Teekay Tankers stake by 367.2% in the first quarter, adding 170,940 shares for a total holding of 217,493 shares worth approximately $15.9 million. Institutional investors collectively own 52.67% of TNK.
• Analyst views are mixed, with a consensus “Hold” rating and an average price target of $77.00. TNK recently traded at $77.21, while one company director sold 7,031 shares at an average price of $71.53.
• Teekay Tankers reported quarterly earnings of $3.69 per share and declared a $0.25 quarterly dividend, equating to $1.00 annually and a 1.3% yield.

Arrowstreet Capital Limited Partnership increased its stake in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 367.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 217,493 shares of the shipping company's stock after acquiring an additional 170,940 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.63% of Teekay Tankers worth $15,947,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TNK. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teekay Tankers in the 4th quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers in the fourth quarter valued at about $33,000. Global Trust Asset Management LLC acquired a new position in shares of Teekay Tankers during the first quarter worth about $46,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers during the fourth quarter worth about $34,000. Finally, Aster Capital Management DIFC Ltd grew its holdings in shares of Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock worth $57,000 after buying an additional 1,032 shares in the last quarter. 52.67% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director owned 7,445 shares of the company's stock, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Evercore restated an "outperform" rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Bank of America raised their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research note on Wednesday, May 20th. Weiss Ratings downgraded shares of Teekay Tankers from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 23rd. Wall Street Zen raised shares of Teekay Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 25th. Finally, Zacks Research cut shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $77.00.

Teekay Tankers Stock Down 1.2%

NYSE:TNK opened at $77.21 on Friday. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 4.55 and a beta of -0.22. Teekay Tankers Ltd. has a twelve month low of $41.77 and a twelve month high of $83.99. The stock's 50 day moving average price is $72.63 and its two-hundred day moving average price is $71.87.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.98%. As a group, analysts anticipate that Teekay Tankers Ltd. will post 13.75 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, August 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Teekay Tankers's dividend payout ratio (DPR) is presently 5.89%.

Teekay Tankers Company Profile

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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