40,000 Shares in Teekay Tankers Ltd. (NYSE:TNK) Acquired by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS has invested $1.53 million in Teekay Tankers Ltd., acquiring 40,000 shares, which constitutes approximately 0.12% of the company's stock.
• Teekay Tankers recently announced a dividend increase, raising its payout from $0.25 to $1.00, resulting in a yield of 2.3%.
• The company's stock has seen fluctuations, with a twelve-month low of $33.35 and a high of $65.89, as it reported a decrease in earnings per share from $4.23 last year to $1.21 this quarter.

KLP Kapitalforvaltning AS bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 40,000 shares of the shipping company's stock, valued at approximately $1,531,000. KLP Kapitalforvaltning AS owned approximately 0.12% of Teekay Tankers at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. lifted its stake in Teekay Tankers by 49.3% during the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock worth $66,000 after acquiring an additional 568 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Teekay Tankers by 19.7% during the 1st quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company's stock worth $71,000 after acquiring an additional 304 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Teekay Tankers during the 4th quarter worth about $77,000. New Age Alpha Advisors LLC acquired a new stake in Teekay Tankers in the 4th quarter valued at about $132,000. Finally, CWM LLC raised its position in Teekay Tankers by 399.3% in the 1st quarter. CWM LLC now owns 3,480 shares of the shipping company's stock valued at $133,000 after purchasing an additional 2,783 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TNK. Evercore ISI reduced their price target on Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $55.00 price target on shares of Teekay Tankers in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

Teekay Tankers Price Performance

Shares of NYSE TNK traded down $0.38 during midday trading on Wednesday, hitting $44.84. 532,450 shares of the company's stock were exchanged, compared to its average volume of 324,333. The company has a market cap of $1.54 billion, a PE ratio of 4.81 and a beta of -0.04. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $65.89. The firm's fifty day simple moving average is $44.43 and its 200-day simple moving average is $41.99.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing analysts' consensus estimates of $1.59 by ($0.18). Teekay Tankers had a return on equity of 15.05% and a net margin of 31.45%. During the same quarter last year, the firm posted $3.11 EPS. Equities analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 11th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.23%. Teekay Tankers's payout ratio is currently 10.72%.

About Teekay Tankers

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.