Teekay Tankers (NYSE:TNK) Shares Down 6.4% – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK)’s stock price fell 6.4% during mid-day trading on Wednesday . The company traded as low as $85.07 and last traded at $84.3040. Approximately 66,696 shares traded hands during trading, a decline of 85% from the average daily volume of 449,389 shares. The stock had previously closed at $90.03.

Wall Street Analysts Forecast Growth

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

Teekay Tankers Price Performance

The stock has a market cap of $2.89 billion, a PE ratio of 4.94 and a beta of -0.22. The company has a 50 day moving average price of $76.35 and a two-hundred day moving average price of $74.59.

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

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 10th. Teekay Tankers’s dividend payout ratio (DPR) is presently 5.89%.

Insider Transactions at Teekay Tankers

In related news, Director Simon Heidi Locke sold 741 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total value of $66,690.00. Following the sale, the director owned 4,000 shares in the company, valued at approximately $360,000. This trade represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,147 shares of company stock worth $1,138,777 over the last three months. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently modified their holdings of TNK. AQR Capital Management LLC grew its holdings in shares of Teekay Tankers by 107.2% in the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after acquiring an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after acquiring an additional 610 shares during the period. Millennium Management LLC boosted its position in Teekay Tankers by 24.9% in the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after purchasing an additional 50,815 shares during the last quarter. Prudential Financial Inc. boosted its position in Teekay Tankers by 9.6% in the second quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after purchasing an additional 1,035 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of Teekay Tankers during the 2nd quarter valued at about $224,000. 52.67% of the stock is owned by institutional investors.

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.