Acadian Asset Management LLC Lowers Position in Teekay Tankers Ltd. (TNK)
Acadian Asset Management LLC reduced its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 63.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 331,141 shares of the shipping company’s stock after selling 579,493 shares during the period. Acadian Asset Management LLC’s holdings in Teekay Tankers were worth $623,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. American International Group Inc. raised its position in Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock valued at $147,000 after buying an additional 4,720 shares during the period. Schroder Investment Management Group raised its position in Teekay Tankers by 2.6% in the first quarter. Schroder Investment Management Group now owns 1,195,400 shares of the shipping company’s stock valued at $2,498,000 after buying an additional 29,800 shares during the period. JPMorgan Chase & Co. raised its position in Teekay Tankers by 2,453.3% in the first quarter. JPMorgan Chase & Co. now owns 79,636 shares of the shipping company’s stock valued at $163,000 after buying an additional 76,517 shares during the period. Parametric Portfolio Associates LLC raised its position in Teekay Tankers by 19.0% in the first quarter. Parametric Portfolio Associates LLC now owns 146,641 shares of the shipping company’s stock valued at $301,000 after buying an additional 23,438 shares during the period. Finally, TFS Capital LLC raised its position in Teekay Tankers by 21.4% in the first quarter. TFS Capital LLC now owns 125,293 shares of the shipping company’s stock valued at $257,000 after buying an additional 22,054 shares during the period. 41.50% of the stock is owned by institutional investors and hedge funds.
Teekay Tankers Ltd. (TNK) traded down 1.92% on Friday, reaching $1.53. 1,774,070 shares of the company’s stock were exchanged. Teekay Tankers Ltd. has a 12 month low of $1.53 and a 12 month high of $2.91. The firm’s market capitalization is $260.04 million. The firm has a 50-day moving average of $1.74 and a 200-day moving average of $2.02.
Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.04). Teekay Tankers had a negative net margin of 7.38% and a positive return on equity of 0.39%. The business had revenue of $89.40 million for the quarter, compared to analyst estimates of $80.68 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The firm’s quarterly revenue was down 36.0% compared to the same quarter last year. On average, equities analysts expect that Teekay Tankers Ltd. will post ($0.20) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Monday, August 14th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 7.84%. The ex-dividend date of this dividend is Thursday, August 10th. Teekay Tankers’s payout ratio is -63.16%.
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Several research firms have recently commented on TNK. Bank of America Corporation reaffirmed an “underperform” rating and issued a $1.80 price target (down from $2.25) on shares of Teekay Tankers in a report on Wednesday, May 17th. ValuEngine lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. UBS AG reaffirmed a “sell” rating and issued a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a report on Friday, June 9th. BidaskClub lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $2.31.
Teekay Tankers Company Profile
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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