Teekay Tankers (NYSE:TNK) Director Sells 6,375 Shares

Key Points

• Director Rohit Kapoor sold 6,375 Teekay Tankers shares at an average price of $89.28, generating $569,160 and reducing his direct ownership by nearly 75% to 2,126 shares.
• Teekay Tankers shares traded near a 12-month high at $89.25, while the company’s latest quarterly results narrowly missed earnings and revenue expectations despite revenue rising 32.6% year over year.
• The company declared a quarterly dividend of $0.25, equivalent to a $1.00 annualized payout and a 1.1% yield. Analysts maintain a consensus “Moderate Buy” rating, with a $77 average price target.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) Director Rohit (Rk2) Kapoor sold 6,375 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the transaction, the director directly owned 2,126 shares in the company, valued at approximately $189,809.28. This trade represents a 74.99% 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 link.

Teekay Tankers Price Performance

Teekay Tankers stock traded up $0.14 during midday trading on Tuesday, reaching $89.25. The stock had a trading volume of 471,304 shares, compared to its average volume of 349,841. Teekay Tankers Ltd. has a twelve month low of $43.54 and a twelve month high of $90.32. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 5.26 and a beta of -0.22. The firm's fifty day simple moving average is $74.69 and its two-hundred day simple moving average is $73.66.

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 for the quarter, missing the consensus estimate of $5.61 by ($0.05). The business had revenue of $258.26 million during 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 firm's 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 earnings per share. As a group, sell-side analysts predict that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, August 10th. Teekay Tankers's dividend payout ratio is 5.89%.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new stake in shares of Teekay Tankers in the second quarter valued at about $1,699,000. Great Lakes Advisors LLC bought a new position in shares of Teekay Tankers during the second quarter worth about $3,439,000. Contravisory Investment Management Inc. acquired a new stake in Teekay Tankers in the 2nd quarter valued at approximately $247,000. Baron Wealth Management LLC lifted its stake in Teekay Tankers by 4.5% in the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company's stock valued at $266,000 after acquiring an additional 178 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Teekay Tankers by 7,218.9% in the 1st quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company's stock valued at $284,000 after acquiring an additional 3,826 shares in the last quarter. Institutional investors own 52.67% of the company's stock.

Analysts Set New Price Targets

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

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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