NEOS Investment Management LLC Buys 74,894 Shares of Teekay Tankers Ltd. $TNK

NEOS Investment Management LLC boosted its position in shares of Teekay Tankers Ltd. (NYSE:TNK) by 41.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 255,652 shares of the shipping company’s stock after buying an additional 74,894 shares during the quarter. NEOS Investment Management LLC owned approximately 0.74% of Teekay Tankers worth $16,584,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TNK. Lazard Asset Management LLC acquired a new position in shares of Teekay Tankers during the first quarter valued at $2,109,000. Arrowstreet Capital Limited Partnership increased its position in Teekay Tankers by 367.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after purchasing an additional 170,940 shares during the period. Fearnley Asset Management AS acquired a new stake in Teekay Tankers in the fourth quarter worth about $17,890,000. Mizuho Markets Americas LLC bought a new stake in Teekay Tankers during the 1st quarter worth about $18,330,000. Finally, Amundi bought a new stake in Teekay Tankers during the 1st quarter worth about $1,629,000. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Price Performance

Shares of TNK stock opened at $93.63 on Friday. The stock has a market cap of $3.23 billion, a PE ratio of 5.52 and a beta of -0.19. The stock has a 50-day moving average of $78.75 and a 200-day moving average of $75.75. Teekay Tankers Ltd. has a one year low of $47.18 and a one year high of $94.44.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. During the same period in the previous year, the business earned $1.41 EPS. The firm’s revenue was up 32.6% compared to the same quarter last year. As a group, research analysts anticipate that Teekay Tankers Ltd. will post 15.4 earnings per share for the current year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Teekay Tankers’s payout ratio is 5.89%.

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the sale, the director owned 7,445 shares in the company, valued at $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total value of $569,160.00. Following the sale, the director directly owned 2,126 shares in the company, valued at $189,809.28. The trade was a 74.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 14,147 shares of company stock valued at $1,138,777 in the last quarter. Company insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on TNK shares. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Bank of America boosted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Wall Street Zen cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.00.

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.