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Teekay Tankers Ltd. (NYSE:TNK) Shares Bought by Victory Capital Management Inc.

Teekay Tankers logo with Transportation background

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.
  • Looking to export and analyze Teekay Tankers data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Victory Capital Management Inc. lifted its holdings in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 30.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,786 shares of the shipping company's stock after buying an additional 27,107 shares during the quarter. Victory Capital Management Inc. owned 0.33% of Teekay Tankers worth $4,393,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Blue Trust Inc. boosted its position in shares of Teekay Tankers by 49.3% during the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock worth $66,000 after purchasing an additional 568 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Teekay Tankers by 19.7% in the first quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company's stock valued at $71,000 after purchasing an additional 304 shares during the period. Meeder Asset Management Inc. purchased a new stake in Teekay Tankers during the fourth quarter worth about $77,000. New Age Alpha Advisors LLC acquired a new position in Teekay Tankers during the fourth quarter worth about $132,000. Finally, CWM LLC increased its holdings in Teekay Tankers by 399.3% in the first quarter. CWM LLC now owns 3,480 shares of the shipping company's stock valued at $133,000 after buying an additional 2,783 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.

Teekay Tankers Stock Down 0.8%

Shares of TNK traded down $0.38 during trading hours on Wednesday, reaching $44.84. 532,450 shares of the company traded hands, compared to its average volume of 324,333. The stock has a market capitalization of $1.54 billion, a PE ratio of 4.81 and a beta of -0.04. The stock has a fifty day simple moving average of $44.43 and a 200 day simple moving average of $41.99. Teekay Tankers Ltd. has a fifty-two week low of $33.35 and a fifty-two week high of $65.89.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.59 by ($0.18). Teekay Tankers had a net margin of 31.45% and a return on equity of 15.05%. During the same quarter in the previous year, the business earned $3.11 earnings per share. Research analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 11th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. Teekay Tankers's dividend payout ratio is currently 10.72%.

Analysts Set New Price Targets

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

Read Our Latest Analysis on TNK

Teekay Tankers Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Teekay Tankers (NYSE:TNK)

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