Teekay Tankers (NYSE:TNK) Director Sells $502,927.43 in Stock

Teekay Tankers Ltd. (NYSE:TNK) Director David Schellenberg sold 7,031 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Teekay Tankers Stock Performance

TNK stock opened at $72.71 on Thursday. Teekay Tankers Ltd. has a 52 week low of $41.05 and a 52 week high of $83.99. The firm’s fifty day moving average is $75.70 and its 200 day moving average is $67.50. The firm has a market cap of $2.51 billion, a P/E ratio of 5.91 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 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, analysts forecast that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 annualized dividend and a yield of 1.4%. Teekay Tankers’s dividend payout ratio is presently 8.13%.

Analyst Ratings Changes

Several research analysts recently issued reports on TNK shares. Wall Street Zen upgraded shares of Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Evercore reaffirmed an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.00.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position in Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after acquiring an additional 172 shares during the last quarter. CWA Asset Management Group LLC increased its stake in Teekay Tankers by 1.5% in the 4th quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock worth $621,000 after buying an additional 176 shares during the period. Glenorchy Capital Ltd increased its stake in Teekay Tankers by 0.5% in the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after buying an additional 198 shares during the period. Boothbay Fund Management LLC increased its stake in Teekay Tankers by 1.4% in the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after buying an additional 214 shares during the period. Finally, CWM LLC increased its position in Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after purchasing an additional 216 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.