Principal Financial Group Inc. Has $3.44 Million Stock Holdings in Teekay Tankers Ltd. $TNK

Principal Financial Group Inc. reduced its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 15.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 46,934 shares of the shipping company’s stock after selling 8,254 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of Teekay Tankers worth $3,441,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers in the fourth quarter valued at $33,000. Leonteq Securities AG acquired a new stake in Teekay Tankers in the fourth quarter valued at $34,000. Global Trust Asset Management LLC bought a new position in Teekay Tankers during the 1st quarter worth $46,000. Finally, Aster Capital Management DIFC Ltd raised its position in Teekay Tankers by 2,948.6% during the 4th 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 own 52.67% of the company’s stock.

Teekay Tankers Trading Up 2.0%

TNK opened at $78.29 on Thursday. Teekay Tankers Ltd. has a 1-year low of $41.77 and a 1-year high of $83.99. The company has a market cap of $2.70 billion, a P/E ratio of 6.36 and a beta of -0.22. The company has a fifty day moving average price of $72.64 and a two-hundred day moving average price of $71.74.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, research analysts forecast that Teekay Tankers Ltd. will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Monday, August 10th. Teekay Tankers’s dividend payout ratio is 8.13%.

Insider Transactions at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred 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 transaction, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on TNK. Weiss Ratings lowered Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Bank of America raised their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Wall Street Zen raised Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Finally, Evercore reissued an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.