Zacks Research lowered shares of Teekay Tankers (NYSE:TNK – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.
TNK has been the subject of a number of other research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Wednesday, June 24th. Evercore reaffirmed an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. 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. Finally, Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. One 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.00.
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Teekay Tankers Stock Performance
Teekay Tankers (NYSE:TNK – Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, equities research analysts predict that Teekay Tankers will post 13.75 EPS for the current fiscal year.
Teekay Tankers Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio (DPR) is 8.13%.
Insider Activity
In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director directly owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Teekay Tankers
A number of institutional investors and hedge funds have recently made changes to their positions in TNK. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers in the 4th quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new stake in Teekay Tankers during the 4th quarter worth approximately $33,000. Global Trust Asset Management LLC bought a new stake in Teekay Tankers during the 1st quarter worth approximately $46,000. Leonteq Securities AG purchased a new stake in shares of Teekay Tankers in the fourth quarter worth approximately $34,000. Finally, Aster Capital Management DIFC Ltd raised its stake in shares of Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.
Teekay Tankers Company 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.
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