Key Points
- Teekay Tankers director David Schellenberg sold 7,031 shares on June 8 at an average price of $71.53, generating about $502,927.43. After the sale, he still held 7,445 shares, reducing his stake by 48.57%.
- The stock was trading slightly lower, opening at $71.71 and down about 0.7% in the session. Teekay Tankers also has a market cap of roughly $2.48 billion and a low P/E ratio of 5.83.
- Analysts remain cautiously positive on TNK, with a consensus rating of “Moderate Buy” and an average price target of $77.00. The company recently paid a quarterly dividend of $0.25 per share, equal to a 1.4% annualized yield.
Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) Director David Schellenberg sold 7,031 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. The trade was a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Teekay Tankers Stock Down 0.7%
Shares of NYSE TNK opened at $71.71 on Tuesday. The firm's 50-day simple moving average is $75.70 and its 200 day simple moving average is $67.35. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 5.83 and a beta of -0.25. Teekay Tankers Ltd. has a 12-month low of $41.05 and a 12-month high of $83.99.
Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly 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%. On average, equities analysts expect that Teekay Tankers Ltd. will post 13.75 earnings per share for the current year.
Teekay Tankers Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers's dividend payout ratio is presently 8.13%.
Institutional Trading of Teekay Tankers
A number of institutional investors and hedge funds have recently modified their holdings of TNK. AQR Capital Management LLC increased its stake in shares of Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company's stock valued at $3,200,000 after acquiring an additional 43,258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Teekay Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company's stock worth $546,000 after purchasing an additional 610 shares in the last quarter. Millennium Management LLC increased its stake in Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company's stock worth $9,745,000 after purchasing an additional 50,815 shares in the last quarter. Prudential Financial Inc. increased its stake in Teekay Tankers by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company's stock worth $491,000 after purchasing an additional 1,035 shares in the last quarter. Finally, First Trust Advisors LP bought a new stake in Teekay Tankers during the 2nd quarter worth approximately $224,000. 52.67% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on TNK shares. Dnb Carnegie downgraded shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. Evercore restated an "outperform" rating and set a $86.00 target price on shares of Teekay Tankers in a research report on Friday, May 15th. Zacks Research upgraded shares of Teekay Tankers from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 21st. Wall Street Zen upgraded shares of Teekay Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 30th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Teekay Tankers in a research report on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Teekay Tankers presently has a consensus rating of "Moderate Buy" and an average price target of $77.00.
Read Our Latest Report on TNK
About Teekay Tankers
(
Get Free Report)
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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