Teekay Tankers (NYSE:TNK) Director David Schellenberg Sells 7,031 Shares

Teekay Tankers Ltd. (NYSE:TNK) Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the sale, the director directly owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Teekay Tankers Stock Down 0.7%

Shares of Teekay Tankers stock traded down $0.49 during midday trading on Monday, hitting $71.71. The company’s stock had a trading volume of 360,142 shares, compared to its average volume of 372,313. The firm has a market capitalization of $2.48 billion, a P/E ratio of 5.83 and a beta of -0.25. The stock has a 50-day simple moving average of $75.70 and a 200-day simple moving average of $67.35. Teekay Tankers Ltd. has a 1-year low of $41.05 and a 1-year high of $83.99.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. As a group, sell-side analysts predict 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. Stockholders of record on Tuesday, May 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio (DPR) is 8.13%.

Institutional Trading of Teekay Tankers

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of Teekay Tankers by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock worth $139,579,000 after acquiring an additional 68,437 shares in the last quarter. American Century Companies Inc. raised its holdings in Teekay Tankers by 6.7% during the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock valued at $54,461,000 after buying an additional 67,186 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Teekay Tankers by 24.6% during the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after buying an additional 136,990 shares in the last quarter. Summit Street Capital Management LLC raised its holdings in Teekay Tankers by 14.4% during the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after buying an additional 63,125 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Teekay Tankers by 6.1% during the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after buying an additional 24,024 shares in the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TNK has been the subject of several recent analyst reports. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Bank of America raised 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. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

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.