Pacer Advisors Inc. Sells 96,573 Shares of Teekay Tankers Ltd. $TNK

Pacer Advisors Inc. trimmed its position in Teekay Tankers Ltd. (NYSE:TNK) by 56.9% in the fourth quarter, HoldingsChannel reports. The firm owned 73,163 shares of the shipping company’s stock after selling 96,573 shares during the quarter. Pacer Advisors Inc.’s holdings in Teekay Tankers were worth $3,908,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Teekay Tankers by 107.2% during the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after buying an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after acquiring an additional 610 shares in the last quarter. Millennium Management LLC increased its position in shares of Teekay Tankers by 24.9% during the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after acquiring an additional 50,815 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Teekay Tankers by 9.6% during the second quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock valued at $491,000 after acquiring an additional 1,035 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in Teekay Tankers during the second quarter worth $224,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on TNK shares. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Bank of America lifted their target price on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Finally, Evercore restated an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

Insider Buying and Selling

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by company insiders.

Teekay Tankers Trading Up 4.3%

Teekay Tankers stock opened at $77.67 on Tuesday. The business’s 50 day simple moving average is $75.57 and its 200 day simple moving average is $68.43. Teekay Tankers Ltd. has a 12 month low of $41.05 and a 12 month high of $83.99. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 6.31 and a beta of -0.25.

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

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s payout ratio is currently 8.13%.

Teekay Tankers Company Profile

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.