BTG Pactual Asset Management US LLC Acquires Shares of 19,570 Teekay Tankers Ltd. $TNK

Key Points

• BTG Pactual Asset Management acquired 19,570 Teekay Tankers shares worth approximately $1.27 million, while institutional investors collectively owned 52.67% of the company.
• Teekay Tankers reported quarterly EPS of $5.56, slightly below the $5.61 consensus estimate, although revenue increased 32.6% year over year to $258.26 million. The company declared a $0.25 quarterly dividend, equivalent to a 1.1% annualized yield.
• TNK shares opened at $89.52, near their 12-month high of $94.44, despite the analyst consensus target of $77 and a “Moderate Buy” overall rating. Insiders sold 14,147 shares worth about $1.14 million over the prior 90 days.

BTG Pactual Asset Management US LLC acquired a new position in Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 19,570 shares of the shipping company's stock, valued at approximately $1,270,000. BTG Pactual Asset Management US LLC owned 0.06% of Teekay Tankers at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TNK. Dimensional Fund Advisors LP raised its stake in shares of Teekay Tankers by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company's stock valued at $139,579,000 after buying an additional 68,437 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company's stock worth $28,903,000 after buying an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC grew its holdings in Teekay Tankers by 14.4% during the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company's stock worth $25,360,000 after acquiring an additional 63,125 shares during the period. JPMorgan Chase & Co. raised its position in Teekay Tankers by 6.1% during the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company's stock valued at $22,302,000 after acquiring an additional 24,024 shares in the last quarter. Finally, State Street Corp raised its position in Teekay Tankers by 0.8% during the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company's stock valued at $21,359,000 after acquiring an additional 3,101 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company's stock.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $89.52 on Tuesday. The business has a 50 day simple moving average of $77.33 and a two-hundred day simple moving average of $75.18. Teekay Tankers Ltd. has a 12 month low of $47.18 and a 12 month high of $94.44. The stock has a market capitalization of $3.09 billion, a P/E ratio of 5.28 and a beta of -0.22.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm had revenue of $258.26 million for the quarter, compared to analysts' expectations of $299.03 million. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The firm's revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, research analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Teekay Tankers's dividend payout ratio is presently 5.89%.

Insider Transactions at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Simon Heidi Locke sold 741 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the sale, the director directly owned 4,000 shares of the company's stock, valued at approximately $360,000. This represents a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,147 shares of company stock valued at $1,138,777 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TNK shares. Evercore reaffirmed an "outperform" rating on shares of Teekay Tankers in a report 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 company an "underperform" rating in a research report on Wednesday, May 20th. Zacks Research downgraded shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Weiss Ratings upgraded Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $77.00.

Teekay Tankers 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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