Shariaportfolio Inc. Sells 19,983 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Shariaportfolio Inc. cut its stake in Teekay Tankers by 29.4%, selling 19,983 shares and retaining 48,065 shares (about $2.57M, or ~0.14% of TNK), which represents roughly 1.1% of Shariaportfolio’s portfolio.
• Institutional ownership of TNK stands at 52.67%, with several funds (Ameriprise, Qube, American Century, Summit Street, AQR) recently increasing their positions.
• Teekay Tankers recently beat estimates with EPS $2.80 (vs. $2.71) and reported stronger-than-expected revenue, declared a quarterly dividend of $0.25 (annualized $1.00, ~1.3% yield), and carries a consensus analyst rating of Buy with a $77 price target.

Shariaportfolio Inc. reduced its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 29.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,065 shares of the shipping company's stock after selling 19,983 shares during the period. Teekay Tankers comprises approximately 1.1% of Shariaportfolio Inc.'s portfolio, making the stock its 14th biggest holding. Shariaportfolio Inc. owned about 0.14% of Teekay Tankers worth $2,568,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of TNK. Ameriprise Financial Inc. grew its holdings in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company's stock worth $28,903,000 after purchasing an additional 136,990 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Teekay Tankers by 182.3% in the third quarter. Qube Research & Technologies Ltd now owns 120,122 shares of the shipping company's stock worth $6,072,000 after acquiring an additional 77,574 shares during the period. American Century Companies Inc. lifted its stake in Teekay Tankers by 6.7% in the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company's stock worth $54,461,000 after acquiring an additional 67,186 shares during the period. Summit Street Capital Management LLC lifted its stake in Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company's stock worth $25,360,000 after acquiring an additional 63,125 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Teekay Tankers by 63.6% in the second quarter. AQR Capital Management LLC now owns 136,821 shares of the shipping company's stock worth $5,708,000 after acquiring an additional 53,195 shares during the period. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TNK shares. Zacks Research raised Teekay Tankers from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 4th. DNB Markets downgraded Teekay Tankers from a "buy" rating to a "hold" rating in a report on Friday, February 20th. Weiss Ratings restated a "buy (b-)" rating on shares of Teekay Tankers in a report on Friday, March 27th. Wall Street Zen downgraded Teekay Tankers from a "buy" rating to a "hold" rating in a report on Sunday, February 8th. Finally, Evercore restated an "outperform" rating and set a $84.00 price target on shares of Teekay Tankers in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Teekay Tankers currently has a consensus rating of "Buy" and a consensus price target of $77.00.

Teekay Tankers Stock Up 1.5%

Teekay Tankers stock opened at $78.16 on Tuesday. The business has a 50-day simple moving average of $70.34 and a two-hundred day simple moving average of $61.25. The company has a market cap of $2.70 billion, a P/E ratio of 7.75 and a beta of -0.28. Teekay Tankers Ltd. has a 52-week low of $33.85 and a 52-week high of $82.24.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.71 by $0.09. The business had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business's quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.50 EPS. Research analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Teekay Tankers's payout ratio is 9.91%.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company's fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.

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