Teekay Tankers Ltd. (NYSE:TNK) Shares Sold by Royce & Associates LP

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 lowered its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 8.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 205,710 shares of the shipping company's stock after selling 19,973 shares during the period. Royce & Associates LP owned 0.60% of Teekay Tankers worth $7,873,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Renaissance Technologies LLC grew its position in shares of Teekay Tankers by 1.8% during the fourth quarter. Renaissance Technologies LLC now owns 602,412 shares of the shipping company's stock worth $23,970,000 after acquiring an additional 10,900 shares during the last quarter. Bridgeway Capital Management LLC grew its position in shares of Teekay Tankers by 2.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 349,161 shares of the shipping company's stock worth $13,893,000 after acquiring an additional 8,814 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Teekay Tankers by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 320,965 shares of the shipping company's stock worth $12,771,000 after acquiring an additional 2,978 shares during the last quarter. Northern Trust Corp grew its position in shares of Teekay Tankers by 1.5% during the fourth quarter. Northern Trust Corp now owns 247,898 shares of the shipping company's stock worth $9,864,000 after acquiring an additional 3,776 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its position in shares of Teekay Tankers by 1,352.3% during the fourth quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company's stock worth $9,658,000 after acquiring an additional 226,001 shares during the last quarter. Institutional investors own 52.67% of the company's stock.

Teekay Tankers Trading Down 0.6%

TNK traded down $0.29 on Wednesday, reaching $44.93. The company had a trading volume of 114,063 shares, compared to its average volume of 496,152. The company has a fifty day moving average of $44.43 and a 200-day moving average of $41.97. The company has a market capitalization of $1.54 billion, a P/E ratio of 4.81 and a beta of -0.04. Teekay Tankers Ltd. has a one year low of $33.35 and a one year high of $65.89.

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

Teekay Tankers Increases Dividend

The firm also recently declared a -- dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were issued a $1.00 dividend. This represents a yield of 2.3%. This is an increase from Teekay Tankers's previous -- dividend of $0.25. The ex-dividend date of this dividend was Monday, May 19th. Teekay Tankers's dividend payout ratio is presently 10.72%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. 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 reiterated a "buy" rating and issued a $55.00 target price on shares of Teekay Tankers in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.67.

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.