Goldman Sachs Group Inc. decreased its position in Teekay Tankers Ltd. (NYSE:TNK) by 29.8% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 224,161 shares of the shipping company’s stock after selling 95,027 shares during the period. Goldman Sachs Group Inc. owned about 0.13% of Teekay Tankers worth $422,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Huber Capital Management LLC raised its stake in shares of Teekay Tankers by 12.4% during the 2nd quarter. Huber Capital Management LLC now owns 14,563,834 shares of the shipping company’s stock worth $27,380,000 after purchasing an additional 1,602,809 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Teekay Tankers by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,215,008 shares of the shipping company’s stock worth $11,684,000 after purchasing an additional 325,871 shares in the last quarter. Northern Trust Corp raised its stake in shares of Teekay Tankers by 75.7% during the 2nd quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock worth $5,821,000 after purchasing an additional 1,334,417 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Teekay Tankers by 1,094.2% during the 1st quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock worth $3,090,000 after purchasing an additional 1,380,930 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Teekay Tankers by 10.2% during the 2nd quarter. Schroder Investment Management Group now owns 1,317,500 shares of the shipping company’s stock worth $2,491,000 after purchasing an additional 122,100 shares in the last quarter. Hedge funds and other institutional investors own 40.33% of the company’s stock.
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A number of equities research analysts have recently issued reports on TNK shares. Zacks Investment Research upgraded Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. BidaskClub lowered Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Sunday, August 13th. Bank of America Corporation decreased their target price on Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating on the stock in a report on Friday, November 10th. ValuEngine lowered Teekay Tankers from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, TheStreet lowered Teekay Tankers from a “c” rating to a “d+” rating in a report on Thursday, August 3rd. Four analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The stock presently has a consensus rating of “Sell” and an average price target of $1.60.
Teekay Tankers Ltd. (TNK) opened at $1.43 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.67 and a quick ratio of 0.80. Teekay Tankers Ltd. has a 1-year low of $1.37 and a 1-year high of $2.78.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Teekay Tankers had a negative return on equity of 0.99% and a negative net margin of 11.43%. The firm had revenue of $91.20 million for the quarter, compared to analyst estimates of $68.67 million. During the same period in the prior year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was down 16.8% on a year-over-year basis. research analysts predict that Teekay Tankers Ltd. will post -0.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Monday, November 20th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 8.39%. The ex-dividend date of this dividend is Friday, November 17th. Teekay Tankers’s dividend payout ratio is -42.86%.
Teekay Tankers declared that its Board of Directors has approved a share repurchase plan on Friday, September 15th that permits the company to repurchase $45.00 million in outstanding shares. This repurchase authorization permits the shipping company to purchase up to 16.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Teekay Tankers Profile
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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