David Schellenberg Sells 7,344 Shares of Teekay Tankers (NYSE:TNK) Stock

Key Points

• Director David Schellenberg sold 7,344 Teekay Tankers shares at an average price of $100, generating $734,400 and reducing his ownership by 50%. He also sold 101 shares the previous day.
• Teekay Tankers shares rose 1.4% to $100.60, near their 12-month high of $103.03. The stock has a market capitalization of $3.48 billion and trades at a price-to-earnings ratio of 5.93.
• The company reported quarterly EPS of $5.56, slightly below estimates, while revenue increased 32.6% year over year. Analysts maintain a consensus “Moderate Buy” rating, with a $77 average price target, and Teekay Tankers pays a $0.25 quarterly dividend.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) Director David Schellenberg sold 7,344 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total transaction of $734,400.00. Following the transaction, the director owned 7,344 shares in the company, valued at $734,400. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

David Schellenberg also recently made the following trade(s):

• On Tuesday, September 15th, David Schellenberg sold 101 shares of Teekay Tankers stock. The shares were sold at an average price of $100.00, for a total transaction of $10,100.00.

Teekay Tankers Stock Up 1.4%

TNK stock traded up $1.35 during trading on Wednesday, hitting $100.60. The company had a trading volume of 508,576 shares, compared to its average volume of 465,618. The firm has a 50-day moving average price of $82.98 and a 200-day moving average price of $76.98. Teekay Tankers Ltd. has a 12 month low of $47.18 and a 12 month high of $103.03. The stock 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 posted 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). The firm had revenue of $258.26 million for the quarter, compared to analyst estimates of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm's quarterly revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.41 EPS. Equities analysts expect that Teekay Tankers Ltd. will post 15.4 EPS for the current year.

Teekay Tankers Dividend Announcement

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

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in shares of Teekay Tankers in the second quarter worth about $28,000. Leonteq Securities AG bought a new stake in Teekay Tankers during the 4th quarter worth approximately $34,000. Global Trust Asset Management LLC bought a new stake in Teekay Tankers during the 1st quarter worth approximately $46,000. Rockefeller Capital Management L.P. raised its holdings in Teekay Tankers by 291.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,230 shares of the shipping company's stock worth $66,000 after buying an additional 916 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Teekay Tankers by 217.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company's stock worth $75,000 after buying an additional 959 shares during the period. Institutional investors own 52.67% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TNK. Zacks Research cut Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Weiss Ratings raised shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Bank of America lifted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research report on Wednesday, May 20th. Evercore reissued an "outperform" rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Finally, Wall Street Zen lowered shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.00.

About Teekay Tankers

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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