Charles Schwab Investment Management Inc. Sells 36,839 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Teekay Tankers Ltd. by 29.7%, selling 36,839 shares to own 87,241 shares valued at $3,339,000 by the end of the reporting period.
• Teekay Tankers reported $1.41 earnings per share for the last quarter, missing the consensus estimate of $1.59, with a revenue of $154.23 million against the expected $162.67 million.
• The company declared a quarterly dividend of $0.25 per share, with a dividend yield of 2.0% and a payout ratio of 12.42%.

Charles Schwab Investment Management Inc. lessened its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 29.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 87,241 shares of the shipping company's stock after selling 36,839 shares during the period. Charles Schwab Investment Management Inc. owned 0.25% of Teekay Tankers worth $3,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TNK. Envestnet Asset Management Inc. acquired a new stake in Teekay Tankers during the 4th quarter worth about $378,000. Barclays PLC boosted its position in shares of Teekay Tankers by 15.3% during the 4th quarter. Barclays PLC now owns 36,295 shares of the shipping company's stock valued at $1,444,000 after purchasing an additional 4,823 shares in the last quarter. First Trust Advisors LP acquired a new stake in Teekay Tankers during the fourth quarter worth approximately $234,000. MetLife Investment Management LLC grew its stake in Teekay Tankers by 5.9% during the fourth quarter. MetLife Investment Management LLC now owns 14,901 shares of the shipping company's stock worth $593,000 after purchasing an additional 834 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Teekay Tankers by 21.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,524 shares of the shipping company's stock worth $379,000 after purchasing an additional 1,674 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.

Teekay Tankers Stock Up 3.5%

TNK traded up $1.75 during trading on Wednesday, hitting $50.95. 391,683 shares of the company's stock were exchanged, compared to its average volume of 517,712. The business's 50 day moving average is $44.89 and its two-hundred day moving average is $42.54. Teekay Tankers Ltd. has a fifty-two week low of $33.35 and a fifty-two week high of $62.45. The stock has a market cap of $1.75 billion and a P/E ratio of 6.33.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarter in the prior year, the business earned $3.11 earnings per share. On average, sell-side analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, August 11th. Teekay Tankers's payout ratio is currently 12.42%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a "buy" rating and set a $55.00 price target on shares of Teekay Tankers in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers 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.