Principal Financial Group Inc. Sells 71,516 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Principal Financial Group Inc. cut its position in shares of Teekay Tankers Ltd. (NYSE:TNK) by 7.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 835,184 shares of the shipping company’s stock after selling 71,516 shares during the quarter. Principal Financial Group Inc.’s holdings in Teekay Tankers were worth $33,232,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Foundry Partners LLC grew its holdings in shares of Teekay Tankers by 89.3% during the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company’s stock worth $6,156,000 after buying an additional 49,853 shares in the last quarter. Barclays PLC grew its holdings in shares of Teekay Tankers by 273.7% during the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock worth $1,833,000 after buying an additional 23,051 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Teekay Tankers by 261.7% during the third quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company’s stock worth $2,655,000 after buying an additional 32,983 shares in the last quarter. FMR LLC grew its holdings in shares of Teekay Tankers by 9.2% during the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock worth $86,249,000 after buying an additional 124,659 shares in the last quarter. Finally, ABC Arbitrage SA bought a new position in Teekay Tankers in the fourth quarter valued at approximately $372,000. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Stock Down 0.4 %

TNK stock opened at $40.13 on Friday. The business has a 50 day moving average price of $41.24 and a two-hundred day moving average price of $47.74. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 3.55 and a beta of -0.43. Teekay Tankers Ltd. has a twelve month low of $36.04 and a twelve month high of $74.20.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Wednesday, February 19th. The shipping company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.49 by $0.01. Teekay Tankers had a return on equity of 20.84% and a net margin of 34.55%. The company had revenue of $163.42 million during the quarter, compared to the consensus estimate of $158.26 million. On average, equities research analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.00 annualized dividend and a dividend yield of 2.49%. Teekay Tankers’s dividend payout ratio is currently 8.83%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Jefferies Financial Group restated a “buy” rating and issued a $55.00 price target on shares of Teekay Tankers in a research note on Thursday. Bank of America restated an “underperform” rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Teekay Tankers 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.