Teekay Tankers Ltd. $TNK Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC cut its stake in Teekay Tankers Ltd. (NYSE:TNK) by 7.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,200 shares of the shipping company’s stock after selling 1,294 shares during the period. Intech Investment Management LLC’s holdings in Teekay Tankers were worth $676,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its position in shares of Teekay Tankers by 9.1% in the first quarter. Envestnet Asset Management Inc. now owns 10,371 shares of the shipping company’s stock valued at $397,000 after buying an additional 865 shares in the last quarter. Deutsche Bank AG purchased a new stake in Teekay Tankers in the 1st quarter worth $711,000. Nuveen LLC acquired a new position in Teekay Tankers during the first quarter worth $8,702,000. Boston Partners purchased a new position in Teekay Tankers during the first quarter valued at $525,000. Finally, Ethic Inc. grew its position in shares of Teekay Tankers by 42.1% in the first quarter. Ethic Inc. now owns 14,307 shares of the shipping company’s stock valued at $550,000 after purchasing an additional 4,236 shares during the period. 52.67% of the stock is owned by hedge funds and other institutional investors.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $58.06 on Friday. The stock’s 50 day simple moving average is $56.35 and its 200-day simple moving average is $49.59. The stock has a market cap of $2.00 billion, a P/E ratio of 6.45 and a beta of -0.11. Teekay Tankers Ltd. has a 1-year low of $33.35 and a 1-year high of $63.71.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.50 by $0.04. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The firm had revenue of $229.02 million during the quarter, compared to analysts’ expectations of $133.65 million. During the same quarter last year, the firm earned $0.23 earnings per share. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. As a group, research analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Monday, November 10th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, November 10th. Teekay Tankers’s payout ratio is currently 11.11%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TNK. Evercore ISI upped their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Tuesday. Jefferies Financial Group raised their target price on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Zacks Research raised Teekay Tankers from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. Finally, Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $65.00.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.