Pacer Advisors Inc. Makes New $11.99 Million Investment in Teekay Tankers Ltd. (NYSE:TNK)

Key Points

• Pacer Advisors Inc. has made a significant investment in Teekay Tankers Ltd., purchasing 313,204 shares valued at approximately $11.99 million, which gives them a 0.91% ownership stake in the company.
• Teekay Tankers recently increased its dividend from $0.25 to $1.00, reflecting a yield of 2.3% for shareholders on record as of May 19th.
• Despite recent fluctuations, analysts have a consensus rating of "Moderate Buy" for TNK shares, with an average price target of $50.67.

Pacer Advisors Inc. bought a new stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 313,204 shares of the shipping company's stock, valued at approximately $11,986,000. Pacer Advisors Inc. owned approximately 0.91% of Teekay Tankers at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. grew its position in Teekay Tankers by 49.3% in the first quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock valued at $66,000 after purchasing an additional 568 shares in the last quarter. TD Private Client Wealth LLC grew its position in Teekay Tankers by 19.7% in the first quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company's stock valued at $71,000 after purchasing an additional 304 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Teekay Tankers in the fourth quarter valued at $77,000. New Age Alpha Advisors LLC bought a new position in Teekay Tankers in the fourth quarter valued at $132,000. Finally, CWM LLC grew its position in Teekay Tankers by 399.3% in the first 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 own 52.67% of the company's stock.

Teekay Tankers Stock Down 0.2%

Shares of NYSE TNK traded down $0.11 during mid-day trading on Wednesday, reaching $45.11. 132,496 shares of the company were exchanged, compared to its average volume of 496,263. The company's 50-day simple moving average is $44.43 and its 200-day simple moving average is $41.97. The stock has a market capitalization of $1.55 billion, a P/E ratio of 4.83 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.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The shipping company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.53 by ($0.32). The company had revenue of $115.64 million for the quarter, compared to analyst estimates of $146.31 million. Teekay Tankers had a return on equity of 15.05% and a net margin of 31.45%. The business's quarterly revenue was down 37.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.23 EPS. As a group, equities research analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Increases Dividend

The business also recently announced a -- dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were paid a dividend of $1.00 per share. This represents a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, May 19th. This is a boost from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's dividend payout ratio (DPR) is currently 10.72%.

Wall Street Analyst Weigh In

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