Insider Selling: Teekay Tankers (NYSE:TNK) Director Sells $569,160.00 in Stock

Teekay Tankers Ltd. (NYSE:TNK) Director Rohit (Rk2) Kapoor sold 6,375 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the sale, the director owned 2,126 shares of the company’s stock, valued at approximately $189,809.28. The trade was a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Teekay Tankers Price Performance

NYSE:TNK opened at $90.93 on Friday. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 5.36 and a beta of -0.22. The company’s 50-day moving average is $75.42 and its two-hundred day moving average is $74.04. Teekay Tankers Ltd. has a 1-year low of $44.63 and a 1-year high of $92.11.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results 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). The firm had revenue of $258.26 million during the quarter, compared to analysts’ expectations of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The business’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period last year, the company earned $1.41 EPS. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.1%. Teekay Tankers’s dividend payout ratio is currently 5.89%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Ruffer LLP acquired a new stake in Teekay Tankers during the 4th quarter worth approximately $3,738,000. Fearnley Asset Management AS acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at $17,890,000. Lazard Asset Management LLC acquired a new stake in shares of Teekay Tankers in the first quarter valued at $2,109,000. Mizuho Markets Americas LLC acquired a new position in Teekay Tankers during the 1st quarter worth $18,330,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Teekay Tankers by 367.2% during the 1st 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. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.