Russell Investments Group Ltd. Reduces Holdings in Teekay Tankers Ltd. $TNK

Key Points

• Russell Investments Group Ltd. has reduced its stake in Teekay Tankers Ltd. by 22.8%, now owning around 116,184 shares valued at approximately $4.4 million.
• Multiple other institutional investors have increased their positions in Teekay Tankers, with CWM LLC making the largest gain at 399.3% during the same quarter.
• Teekay Tankers reported earnings per share of $1.41 for the last quarter, which fell short of analysts' expectations of $1.59, alongside a quarterly dividend of $0.25 and a 2.1% yield.

Russell Investments Group Ltd. reduced its stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 22.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,184 shares of the shipping company's stock after selling 34,243 shares during the quarter. Russell Investments Group Ltd. owned about 0.34% of Teekay Tankers worth $4,446,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Nuveen LLC purchased a new position in Teekay Tankers in the 1st quarter worth approximately $8,702,000. Deutsche Bank AG purchased a new stake in shares of Teekay Tankers in the 1st quarter worth $711,000. Pacer Advisors Inc. purchased a new stake in shares of Teekay Tankers in the 1st quarter worth $11,986,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Teekay Tankers in the 1st quarter worth $1,531,000. Finally, Denali Advisors LLC increased its stake in shares of Teekay Tankers by 53.3% in the 1st quarter. Denali Advisors LLC now owns 84,949 shares of the shipping company's stock worth $3,251,000 after purchasing an additional 29,549 shares in the last quarter. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Trading Down 0.9%

Shares of Teekay Tankers stock traded down $0.4480 on Monday, hitting $47.6620. 478,690 shares of the company traded hands, compared to its average volume of 627,794. The company has a market cap of $1.63 billion, a PE ratio of 5.92 and a beta of -0.09. Teekay Tankers Ltd. has a 52 week low of $33.35 and a 52 week high of $62.45. The stock's 50 day moving average price is $44.52 and its 200-day moving average price is $42.25.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing analysts' consensus estimates of $1.59 by ($0.18). Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.The business had revenue of $154.23 million during the quarter, compared to the consensus estimate of $162.67 million. During the same period last year, the firm earned $3.11 EPS. As a group, research analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.1%. Teekay Tankers's payout ratio is currently 12.42%.

Analyst Ratings Changes

Separately, Jefferies Financial Group reiterated a "buy" rating and issued a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.