Teekay Tankers (NYSE:TNK) Director Rohit (Rk2) Kapoor Sells 6,375 Shares

Teekay Tankers Ltd. (NYSE:TNK) Director Rohit (Rk2) Kapoor sold 6,375 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total transaction of $569,160.00. Following the transaction, the director owned 2,126 shares in the company, valued at approximately $189,809.28. The trade was a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Teekay Tankers Trading Up 0.2%

Shares of NYSE TNK opened at $89.25 on Wednesday. Teekay Tankers Ltd. has a 1 year low of $43.54 and a 1 year high of $90.32. The firm’s 50-day moving average is $74.69 and its 200-day moving average is $73.66. The firm has a market capitalization of $3.08 billion, a PE ratio of 5.26 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 earnings per share for the quarter, missing analysts’ consensus estimates of $5.61 by ($0.05). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The business had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. During the same period last year, the firm earned $1.41 earnings per share. The company’s quarterly revenue was up 32.6% on a year-over-year basis. As a group, equities research analysts anticipate that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 10th. Teekay Tankers’s payout ratio is currently 5.89%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in shares of Teekay Tankers during the 2nd quarter valued at about $1,699,000. Great Lakes Advisors LLC acquired a new position in shares of Teekay Tankers in the 2nd quarter valued at approximately $3,439,000. Contravisory Investment Management Inc. bought a new stake in Teekay Tankers during the 2nd quarter worth approximately $247,000. Baron Wealth Management LLC increased its stake in Teekay Tankers by 4.5% during the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after purchasing an additional 178 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Teekay Tankers by 7,218.9% during the 1st quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company’s stock worth $284,000 after buying an additional 3,826 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.