Bank of America Corp DE decreased its position in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 17.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 173,670 shares of the shipping company's stock after selling 36,216 shares during the period. Bank of America Corp DE owned about 0.50% of Teekay Tankers worth $12,733,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in shares of Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company's stock worth $98,000 after buying an additional 172 shares during the last quarter. Glenorchy Capital Ltd increased its stake in shares of Teekay Tankers by 0.5% during the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company's stock worth $1,973,000 after purchasing an additional 198 shares in the last quarter. Boothbay Fund Management LLC increased its stake in shares of Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company's stock worth $810,000 after purchasing an additional 214 shares in the last quarter. CWM LLC raised its position in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company's stock worth $490,000 after purchasing an additional 216 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its stake in Teekay Tankers by 12.7% in the 4th quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company's stock valued at $124,000 after buying an additional 262 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company's stock.
Insider Buying and Selling
In related news, Director David Schellenberg sold 7,031 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction 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 represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the transaction, the director directly owned 2,126 shares in the company, valued at approximately $189,809.28. This represents a 74.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 14,147 shares of company stock valued at $1,138,777. Insiders own 1.90% of the company's stock.
Wall Street Analysts Forecast Growth
TNK has been the subject of several recent research reports. Wall Street Zen downgraded Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. Evercore restated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Zacks Research lowered Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Bank of America lifted their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings raised shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $77.00.
Check Out Our Latest Analysis on Teekay Tankers
Teekay Tankers Trading Down 0.3%
NYSE TNK opened at $90.89 on Friday. The business's 50-day moving average price is $75.72 and its 200 day moving average price is $74.15. Teekay Tankers Ltd. has a twelve month low of $47.07 and a twelve month high of $94.44. The company has a market capitalization of $3.14 billion, a PE ratio of 5.36 and a beta of -0.22.
Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing analysts' consensus estimates of $5.61 by ($0.05). The company had revenue of $258.26 million for the quarter, compared to analyst estimates of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The company's revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.41 EPS. Equities analysts predict that Teekay Tankers Ltd. will post 15.4 EPS for the current year.
Teekay Tankers Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers's payout ratio is presently 5.89%.
About Teekay Tankers
(
Free Report)
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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