Great Lakes Advisors LLC acquired a new stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 53,019 shares of the shipping company's stock, valued at approximately $3,439,000. Great Lakes Advisors LLC owned 0.15% of Teekay Tankers at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Contravisory Investment Management Inc. acquired a new position in Teekay Tankers during the second quarter worth $247,000. Baron Wealth Management LLC increased its position in shares of Teekay Tankers by 4.5% during the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company's stock worth $266,000 after purchasing an additional 178 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Teekay Tankers by 7,218.9% during the 1st quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company's stock valued at $284,000 after purchasing an additional 3,826 shares during the last quarter. Amundi acquired a new position in Teekay Tankers in the first quarter valued at about $1,629,000. Finally, Empowered Funds LLC grew its stake in Teekay Tankers by 21.1% during the first quarter. Empowered Funds LLC now owns 191,472 shares of the shipping company's stock worth $14,039,000 after buying an additional 33,302 shares during the last quarter. Institutional investors own 52.67% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have commented on TNK. Zacks Research lowered shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Bank of America increased their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a research note on Wednesday, May 20th. Weiss Ratings upgraded shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Evercore reissued an "outperform" rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Finally, Wall Street Zen cut shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.00.
Check Out Our Latest Report on TNK
Teekay Tankers Stock Up 0.1%
Shares of TNK stock opened at $90.93 on Friday. Teekay Tankers Ltd. has a 12-month low of $44.63 and a 12-month high of $92.11. The firm has a fifty day moving average of $75.42 and a 200-day moving average of $74.04. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 5.36 and a beta of -0.22.
Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Wednesday, July 29th. The shipping company reported $5.56 earnings per share 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 business had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. During the same quarter in the prior year, the firm posted $1.41 earnings per share. The business's revenue was up 32.6% on a year-over-year basis. Research analysts expect that Teekay Tankers Ltd. will post 15.4 earnings per share for the current year.
Teekay Tankers Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 10th. Teekay Tankers's dividend payout ratio is presently 5.89%.
Insiders Place Their Bets
In related news, Director David Schellenberg sold 7,031 shares of the firm's stock in a transaction 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 sale, the director directly owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the sale, the director directly owned 2,126 shares in the company, valued at $189,809.28. This represents a 74.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 14,147 shares of company stock worth $1,138,777. Company insiders own 1.90% of the company's stock.
Teekay Tankers Company Profile
(
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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