Invesco Ltd. Sells 17,618 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Invesco Ltd. has reduced its stake in Teekay Tankers Ltd. by 22.5%, selling 17,618 shares and now holding about 0.18% of the company, valued at approximately $2.3 million.
• Teekay Tankers reported earnings of $1.41 EPS, missing analysts' expectations of $1.59, and had a revenue of $154.23 million, below the predicted $162.67 million.
• The company announced a quarterly dividend of $0.25 per share, yielding 2.0%, with a payout ratio of 12.42%.

Invesco Ltd. cut its position in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 22.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,706 shares of the shipping company's stock after selling 17,618 shares during the quarter. Invesco Ltd. owned about 0.18% of Teekay Tankers worth $2,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in TNK. Deutsche Bank AG purchased a new stake in shares of Teekay Tankers in the first quarter worth $711,000. Pacer Advisors Inc. bought a new stake in shares of Teekay Tankers during the 1st quarter valued at about $11,986,000. KLP Kapitalforvaltning AS purchased a new position in shares of Teekay Tankers during the first quarter worth about $1,531,000. Denali Advisors LLC increased 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 worth $3,251,000 after purchasing an additional 29,549 shares during the last quarter. Finally, Foundry Partners LLC increased its position in shares of Teekay Tankers by 1.4% in the first quarter. Foundry Partners LLC now owns 59,451 shares of the shipping company's stock worth $2,275,000 after purchasing an additional 807 shares during 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 reiterated a "buy" rating and set a $55.00 target price on shares of Teekay Tankers in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Teekay Tankers has an average rating of "Moderate Buy" and an average target price of $50.67.

Teekay Tankers Trading Up 3.5%

Shares of TNK traded up $1.75 during mid-day trading on Wednesday, reaching $50.95. The company's stock had a trading volume of 391,683 shares, compared to its average volume of 517,712. The stock has a market cap of $1.75 billion and a PE ratio of 6.33. Teekay Tankers Ltd. has a 52 week low of $33.35 and a 52 week high of $62.45. The company's fifty day moving average price is $44.89 and its two-hundred day moving average price is $42.54.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). The business had revenue of $154.23 million for the quarter, compared to the consensus estimate of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same period in the prior year, the business posted $3.11 EPS. Research analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The business 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. The ex-dividend date was Monday, August 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. Teekay Tankers's payout ratio is currently 12.42%.

About Teekay Tankers

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.