Royce & Associates LP Sells 19,973 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Key Points

• Royce & Associates LP has reduced its stake in Teekay Tankers Ltd. by 8.9%, now owning approximately 0.60% of the company valued at $7.87 million.
• Teekay Tankers reported earnings of $1.21 per share, missing analysts' expectations of $1.53, with a significant 37.1% decline in revenue year-over-year.
• The company has recently increased its dividend to $1.00, resulting in a yield of 2.3%, up from the previous $0.25 dividend.

Royce & Associates LP reduced its holdings in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,710 shares of the shipping company's stock after selling 19,973 shares during the period. Royce & Associates LP owned about 0.60% of Teekay Tankers worth $7,873,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Teekay Tankers by 3,882.5% during the 1st quarter. GAMMA Investing LLC now owns 19,594 shares of the shipping company's stock worth $750,000 after purchasing an additional 19,102 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Teekay Tankers during the 4th quarter worth about $5,131,000. Highland Capital Management LLC purchased a new stake in shares of Teekay Tankers during the 1st quarter worth about $286,000. Integrated Advisors Network LLC purchased a new stake in shares of Teekay Tankers during the 1st quarter worth about $213,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Teekay Tankers during the 4th quarter valued at about $310,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Teekay Tankers Trading Up 1.1%

TNK traded up $0.48 during midday trading on Monday, reaching $44.65. The company's stock had a trading volume of 412,869 shares, compared to its average volume of 499,997. The stock has a market cap of $1.53 billion, a P/E ratio of 4.79 and a beta of -0.04. The company has a fifty day simple moving average of $44.45 and a 200 day simple moving average of $41.95. 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 announced its quarterly earnings data on Wednesday, May 7th. The shipping company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.32). Teekay Tankers had a return on equity of 15.05% and a net margin of 31.45%. The firm had revenue of $115.64 million for the quarter, compared to analyst estimates of $146.31 million. During the same period in the previous year, the business posted $4.23 EPS. Teekay Tankers's revenue for the quarter was down 37.1% compared to the same quarter last year. Sell-side analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Increases Dividend

The company also recently disclosed a -- dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were issued 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 positive change from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's dividend payout ratio (DPR) is presently 10.72%.

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.