Goldman Sachs Group Inc. Lowers Holdings in Teekay Tankers Ltd. $TNK

Key Points

• Goldman Sachs Group Inc. reduced its holdings in Teekay Tankers Ltd. by 3.7%, now owning approximately 192,958 shares valued at about $7.39 million.
• Several institutional investors increased their positions in Teekay Tankers, including CWM LLC, which boosted its stake by 399.3% in the first quarter.
• Teekay Tankers recently announced a quarterly dividend of $0.25, representing an annualized dividend yield of 1.9% with a payout ratio of 12.42%.

Goldman Sachs Group Inc. decreased its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 192,958 shares of the shipping company's stock after selling 7,449 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.56% of Teekay Tankers worth $7,385,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Strs Ohio purchased a new position in shares of Teekay Tankers during the 1st quarter worth about $612,000. Empowered Funds LLC boosted its position in Teekay Tankers by 1.8% in the 1st quarter. Empowered Funds LLC now owns 185,374 shares of the shipping company's stock valued at $7,094,000 after buying an additional 3,213 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in Teekay Tankers by 15.8% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 9,030 shares of the shipping company's stock valued at $346,000 after buying an additional 1,234 shares during the period. Millennium Management LLC boosted its position in Teekay Tankers by 24.9% in the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company's stock valued at $9,745,000 after buying an additional 50,815 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Teekay Tankers by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company's stock valued at $546,000 after buying an additional 610 shares during the period. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TNK has been the subject of several research reports. Zacks Research raised shares of Teekay Tankers from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. Jefferies Financial Group reissued a "buy" rating and issued a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Teekay Tankers currently has an average rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers Stock Down 2.8%

Shares of NYSE TNK traded down $1.58 during trading hours on Tuesday, hitting $54.38. 667,877 shares of the stock were exchanged, compared to its average volume of 552,142. The company has a market cap of $1.87 billion and a PE ratio of 6.76. The firm has a fifty day moving average price of $46.68 and a 200-day moving average price of $43.41. Teekay Tankers Ltd. has a 12 month low of $33.35 and a 12 month high of $62.45.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.The firm had revenue of $154.23 million for the quarter, compared to the consensus estimate of $162.67 million. During the same quarter last year, the firm earned $3.11 EPS. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal 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 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 11th. Teekay Tankers's dividend payout ratio (DPR) is presently 12.42%.

Teekay Tankers Company 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.