Teekay Tankers (NYSE:TNK) Director Sells 101 Shares of Stock

Key Points

• Director David Schellenberg sold 101 Teekay Tankers shares at $100 each, reducing his holdings by 1.36% to 7,344 shares. A subsequent filing also reported the sale of those remaining shares for $734,400.
• Teekay Tankers shares rose 1.4% to $100.60, near their 52-week high of $103.03. The company reported strong year-over-year revenue growth, though quarterly EPS and revenue fell short of analyst estimates.
• The company paid a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 1.0% yield. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $77.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) Director David Schellenberg sold 101 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $100.00, for a total value of $10,100.00. Following the sale, the director owned 7,344 shares in the company, valued at $734,400. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, September 16th, David Schellenberg sold 7,344 shares of Teekay Tankers stock. The stock was sold at an average price of $100.00, for a total value of $734,400.00.

Teekay Tankers Trading Up 1.4%

TNK traded up $1.35 during trading on Wednesday, reaching $100.60. The stock had a trading volume of 508,589 shares, compared to its average volume of 465,618. The stock's 50 day moving average is $82.98 and its two-hundred day moving average is $76.98. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 5.93 and a beta of -0.19. Teekay Tankers Ltd. has a one year low of $47.18 and a one year high of $103.03.

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

Teekay Tankers Announces Dividend

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TNK. Dimensional Fund Advisors LP boosted its position in shares of Teekay Tankers by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company's stock valued at $139,579,000 after buying an additional 68,437 shares during the last quarter. Mizuho Markets Americas LLC bought a new stake in Teekay Tankers in the 1st quarter worth about $18,330,000. Fearnley Asset Management AS purchased a new position in Teekay Tankers in the 4th quarter worth about $17,890,000. NEOS Investment Management LLC raised its position in Teekay Tankers by 41.4% in the 2nd quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company's stock worth $16,584,000 after buying an additional 74,894 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Teekay Tankers by 367.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company's stock valued at $15,947,000 after acquiring an additional 170,940 shares during the period. Hedge funds and other institutional investors own 52.67% of the company's stock.

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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