Teekay Tankers Ltd. $TNK Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its Teekay Tankers stake by 40.1% in the second quarter, selling 33,016 shares and retaining 49,385 shares valued at approximately $3.2 million. Institutional investors collectively own 52.67% of the company.
• Analyst sentiment remains cautiously positive, with Teekay Tankers receiving a “Moderate Buy” consensus rating and an average price target of $77. The stock opened at $100.67, near its 52-week high of $100.91.
• The company reported quarterly EPS of $5.56, slightly below estimates, while revenue rose 32.6% year over year. Teekay Tankers also paid a quarterly dividend of $0.25 per share, and two directors recently sold shares.

Squarepoint Ops LLC lowered its stake in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 40.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 49,385 shares of the shipping company's stock after selling 33,016 shares during the period. Squarepoint Ops LLC owned approximately 0.14% of Teekay Tankers worth $3,204,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at $33,000. Leonteq Securities AG purchased a new position in shares of Teekay Tankers in the fourth quarter valued at approximately $34,000. Global Trust Asset Management LLC acquired a new position in shares of Teekay Tankers in the first quarter worth $46,000. Aster Capital Management DIFC Ltd grew its stake in Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock worth $57,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Teekay Tankers during the third quarter worth approximately $63,000. Institutional investors and hedge funds own 52.67% of the company's stock.

Wall Street Analysts Forecast Growth

TNK has been the subject of a number of recent analyst reports. Zacks Research downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Bank of America increased their price objective on Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a report on Wednesday, May 20th. Weiss Ratings upgraded shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Wall Street Zen cut shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. Finally, Evercore reiterated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.00.

Teekay Tankers Price Performance

NYSE:TNK opened at $100.67 on Monday. The firm's fifty day moving average price is $81.75 and its 200 day moving average price is $76.62. Teekay Tankers Ltd. has a 1-year low of $47.18 and a 1-year high of $100.91. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 5.93 and a beta of -0.19.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The firm had revenue of $258.26 million during the quarter, compared to analyst estimates of $299.03 million. During the same period in the prior year, the firm posted $1.41 earnings per share. The business's quarterly revenue was up 32.6% compared to the same quarter last year. As a group, analysts expect that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Monday, August 10th. Teekay Tankers's payout ratio is 5.89%.

Insider Transactions at Teekay Tankers

In other Teekay Tankers news, Director Heidi Locke Simon sold 741 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total transaction of $66,690.00. Following the transaction, the director owned 4,000 shares in the company, valued at approximately $360,000. The trade was a 15.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total value of $569,160.00. Following the transaction, the director directly owned 2,126 shares of the company's stock, valued at approximately $189,809.28. This trade represents a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Teekay Tankers Company Profile

Teekay Tankers Ltd. NYSE: TNK is a marine transportation company that owns and operates tankers used to transport crude oil, refined petroleum products and other liquid cargoes. Its fleet includes vessels serving the crude oil and product tanker segments, with operations focused on the international energy transportation market.

The company provides commercial and technical vessel management, chartering and transportation services to energy companies, commodity traders and other customers.

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