Empowered Funds LLC Raises Stake in Teekay Tankers Ltd. $TNK

Empowered Funds LLC increased its position in Teekay Tankers Ltd. (NYSE:TNK) by 21.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 191,472 shares of the shipping company’s stock after buying an additional 33,302 shares during the period. Empowered Funds LLC’s holdings in Teekay Tankers were worth $14,039,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TNK. Ruffer LLP acquired a new position in Teekay Tankers in the 4th quarter valued at $3,738,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Teekay Tankers during the fourth quarter worth $708,000. Fearnley Asset Management AS purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at $17,890,000. Mizuho Markets Americas LLC purchased a new stake in shares of Teekay Tankers in the first quarter valued at $18,330,000. Finally, Fox Run Management L.L.C. increased its stake in Teekay Tankers by 42.6% in the fourth quarter. Fox Run Management L.L.C. now owns 27,332 shares of the shipping company’s stock valued at $1,460,000 after purchasing an additional 8,170 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Trading Up 2.0%

TNK stock opened at $78.29 on Thursday. The stock has a 50-day moving average price of $72.64 and a two-hundred day moving average price of $71.74. Teekay Tankers Ltd. has a 12-month low of $41.77 and a 12-month high of $83.99. The company has a market cap of $2.70 billion, a PE ratio of 6.36 and a beta of -0.22.

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

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be issued a $0.25 dividend. The ex-dividend date is Monday, August 10th. This represents a $1.00 annualized dividend and a yield of 1.3%. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.13%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TNK. Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings downgraded shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Wall Street Zen upgraded shares of Teekay Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Bank of America raised their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Finally, Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Teekay Tankers has an average rating of “Hold” and an average target price of $77.00.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred 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 of the company’s stock, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.90% of the stock is currently owned by company insiders.

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.