Victory Capital Management Inc. Purchases 27,107 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Key Points

• Victory Capital Management Inc. increased its stake in Teekay Tankers Ltd. by 30.9% to $4.39 million, indicating growing confidence in the company.
• Teekay Tankers reported $1.21 EPS, missing estimates by $0.32, and experienced a 37.1% decrease in revenue year-over-year, raising concerns among investors.
• The company recently increased its dividend from $0.25 to $1.00, representing a yield of 2.3%, which may attract more income-focused investors.

Victory Capital Management Inc. raised its stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 30.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,786 shares of the shipping company's stock after acquiring an additional 27,107 shares during the quarter. Victory Capital Management Inc. owned about 0.33% of Teekay Tankers worth $4,393,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Teekay Tankers by 3,882.5% during the first quarter. GAMMA Investing LLC now owns 19,594 shares of the shipping company's stock worth $750,000 after purchasing an additional 19,102 shares during the period. Franklin Resources Inc. bought a new position in Teekay Tankers during the 4th quarter worth $5,131,000. Highland Capital Management LLC bought a new stake in shares of Teekay Tankers in the first quarter valued at about $286,000. Integrated Advisors Network LLC acquired a new position in shares of Teekay Tankers in the first quarter valued at about $213,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Teekay Tankers during the fourth quarter worth about $310,000. 52.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Evercore ISI decreased their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Teekay Tankers presently has an average rating of "Moderate Buy" and an average price target of $50.67.

Teekay Tankers Price Performance

TNK traded up $0.48 during trading on Monday, hitting $44.65. 412,869 shares of the stock traded hands, compared to its average volume of 499,997. The business has a 50 day moving average price of $44.45 and a 200 day moving average price of $41.95. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $65.89. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 4.79 and a beta of -0.04.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The shipping company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.32). The business had revenue of $115.64 million for the quarter, compared to the consensus estimate of $146.31 million. Teekay Tankers had a return on equity of 15.05% and a net margin of 31.45%. Teekay Tankers's quarterly revenue was down 37.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.23 earnings per share. On average, equities research analysts predict that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Increases Dividend

The firm also recently disclosed a -- dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a $1.00 dividend. This represents a yield of 2.3%. The ex-dividend date of this dividend was Monday, May 19th. This is a positive change from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's dividend payout ratio (DPR) is 10.72%.

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.