Empowered Funds LLC Boosts Stake in Teekay Tankers Ltd. $TNK

Key Points

• Empowered Funds increased its Teekay Tankers stake by 21.1% in the first quarter, owning 191,472 shares valued at approximately $14 million. Institutional investors collectively hold 52.67% of TNK, with several other firms also adding positions.
• Analyst sentiment is mixed, with ratings ranging from strong buy to sell; the consensus rating is Hold and the average price target is $77. TNK recently traded at $78.29, near its 12-month high of $83.99.
• Teekay Tankers reported quarterly EPS of $3.69 and maintains strong profitability, including a 42.60% net margin. The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 1.3% yield.

Empowered Funds LLC increased its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 21.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,472 shares of the shipping company's stock after acquiring an additional 33,302 shares during the period. Empowered Funds LLC owned approximately 0.55% of Teekay Tankers worth $14,039,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TNK. Quantinno Capital Management LP boosted its position in shares of Teekay Tankers by 12.5% during the 1st quarter. Quantinno Capital Management LP now owns 7,455 shares of the shipping company's stock worth $547,000 after purchasing an additional 830 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Teekay Tankers in the 1st quarter valued at about $2,109,000. Entropy Technologies LP acquired a new stake in shares of Teekay Tankers in the first quarter valued at about $355,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Teekay Tankers by 367.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company's stock valued at $15,947,000 after purchasing an additional 170,940 shares during the period. Finally, Mizuho Markets Americas LLC purchased a new position in Teekay Tankers in the first quarter valued at about $18,330,000. Hedge funds and other institutional investors own 52.67% of the company's stock.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the transaction, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TNK shares. Zacks Research downgraded shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Wall Street Zen raised Teekay Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. 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 report on Wednesday, May 20th. Weiss Ratings downgraded Teekay Tankers from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 23rd. Finally, Evercore restated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $77.00.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $78.29 on Thursday. The firm's 50-day moving average is $72.64 and its two-hundred day moving average is $71.74. The company has a market capitalization of $2.70 billion, a PE ratio of 6.36 and a beta of -0.22. Teekay Tankers Ltd. has a 12-month low of $41.77 and a 12-month high of $83.99.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, analysts forecast that Teekay Tankers Ltd. will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.00 annualized dividend and a yield of 1.3%. Teekay Tankers's dividend payout ratio (DPR) is presently 8.13%.

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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