Teekay Tankers Ltd. $TNK Shares Sold by Russell Investments Group Ltd.

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 1st quarter, according to its most recent Form 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 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reissued a "buy" rating and issued a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers Trading Up 1.0%

Shares of Teekay Tankers stock traded up $0.50 during trading hours on Thursday, reaching $48.68. The stock had a trading volume of 601,094 shares, compared to its average volume of 637,871. The firm has a 50 day simple moving average of $44.60 and a two-hundred day simple moving average of $42.37. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 6.05 and a beta of -0.09. Teekay Tankers Ltd. has a 1 year low of $33.35 and a 1 year high of $62.45.

Teekay Tankers (NYSE:TNK - Get Free Report) last released 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). The firm had revenue of $154.23 million during the quarter, compared to analysts' expectations of $162.67 million. Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.During the same quarter last year, the business earned $3.11 earnings per share. Sell-side analysts forecast that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Monday, August 11th. Teekay Tankers's dividend payout ratio (DPR) is 12.42%.

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.