Teekay Tankers Ltd. $TNK Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 708,666 shares of the shipping company’s stock after selling 37,838 shares during the quarter. Principal Financial Group Inc. owned 2.07% of Teekay Tankers worth $35,823,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of Teekay Tankers in the third quarter valued at approximately $54,000. Osaic Holdings Inc. boosted its position in shares of Teekay Tankers by 85.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after purchasing an additional 1,123 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Teekay Tankers by 162.6% during the 3rd quarter. Global Retirement Partners LLC now owns 2,064 shares of the shipping company’s stock worth $104,000 after purchasing an additional 1,278 shares during the period. State of Wyoming purchased a new position in shares of Teekay Tankers in the 2nd quarter valued at about $129,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Teekay Tankers by 46.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,194 shares of the shipping company’s stock valued at $133,000 after purchasing an additional 1,015 shares during the period. 52.67% of the stock is owned by hedge funds and other institutional investors.

Teekay Tankers Trading Up 0.3%

NYSE:TNK opened at $64.44 on Friday. Teekay Tankers Ltd. has a 12-month low of $33.35 and a 12-month high of $65.75. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 7.16 and a beta of -0.27. The company’s 50-day moving average is $57.53 and its two-hundred day moving average is $54.07.

Wall Street Analysts Forecast Growth

TNK has been the topic of several recent analyst reports. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Evercore ISI raised their price target on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Jefferies Financial Group boosted their price objective on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $65.00.

Teekay Tankers Profile

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.