Y Intercept Hong Kong Ltd Sells 32,723 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Y Intercept Hong Kong Ltd cut its Teekay Tankers stake by 55.3% in the first quarter, selling 32,723 shares and leaving it with 26,454 shares worth about $1.94 million.
• Analyst sentiment on TNK is mixed but leans positive, with an average Moderate Buy rating and a $77.00 price target; recent calls ranged from Bank of America’s “underperform” to Zacks’ upgrade to “strong-buy.”
• Teekay Tankers reported strong fundamentals, including $3.69 EPS last quarter, a 1.4% annualized dividend, and shares trading around $71.60 near the middle of their 52-week range.

Y Intercept Hong Kong Ltd lessened its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 55.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,454 shares of the shipping company's stock after selling 32,723 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.08% of Teekay Tankers worth $1,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of TNK. Dimensional Fund Advisors LP increased its holdings in shares of Teekay Tankers by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,835,312 shares of the shipping company's stock worth $98,042,000 after acquiring an additional 36,199 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company's stock valued at $28,903,000 after purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC boosted its position in Teekay Tankers by 14.4% during the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company's stock worth $25,360,000 after purchasing an additional 63,125 shares during the period. JPMorgan Chase & Co. boosted its position in Teekay Tankers by 6.1% during the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company's stock worth $22,302,000 after purchasing an additional 24,024 shares during the period. Finally, State Street Corp increased its holdings in shares of Teekay Tankers by 0.8% in the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company's stock valued at $21,359,000 after purchasing an additional 3,101 shares during the last quarter. Institutional investors own 52.67% of the company's stock.

Analyst Ratings Changes

TNK has been the topic of several research analyst reports. Bank of America increased their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a research report on Wednesday, May 20th. Wall Street Zen lowered shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 20th. Evercore reissued an "outperform" rating and issued a $86.00 price target on shares of Teekay Tankers in a report on Friday, May 15th. Weiss Ratings restated a "buy (b-)" rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Finally, Zacks Research upgraded Teekay Tankers from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 21st. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Teekay Tankers currently has an average rating of "Moderate Buy" and an average target price of $77.00.

Insider Activity

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director owned 7,445 shares in the company, valued at $532,540.85. This represents a 48.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by insiders.

Teekay Tankers Price Performance

TNK stock opened at $71.60 on Thursday. Teekay Tankers Ltd. has a fifty-two week low of $41.77 and a fifty-two week high of $83.99. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 5.82 and a beta of -0.22. The business's fifty day moving average price is $74.31 and its two-hundred day moving average price is $69.70.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. Research analysts expect that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers's payout ratio is currently 8.13%.

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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