Teekay Tankers Ltd. (NYSE:TNK) Position Decreased by ProShare Advisors LLC

ProShare Advisors LLC reduced its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 25.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,205 shares of the shipping company’s stock after selling 1,095 shares during the quarter. ProShare Advisors LLC’s holdings in Teekay Tankers were worth $221,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TNK. Bridgeway Capital Management LLC increased its holdings in shares of Teekay Tankers by 4.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 300,892 shares of the shipping company’s stock valued at $15,036,000 after buying an additional 11,605 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Teekay Tankers in the 4th quarter valued at $451,000. Tucker Asset Management LLC purchased a new position in Teekay Tankers in the 4th quarter worth about $38,000. Allspring Global Investments Holdings LLC raised its holdings in Teekay Tankers by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company’s stock worth $1,288,000 after buying an additional 1,567 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Teekay Tankers by 6.3% during the 1st quarter. Principal Financial Group Inc. now owns 881,364 shares of the shipping company’s stock worth $51,480,000 after buying an additional 52,476 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $61.12 on Friday. The stock’s fifty day moving average is $56.80 and its 200-day moving average is $61.72. Teekay Tankers Ltd. has a 52 week low of $37.20 and a 52 week high of $74.20. The stock has a market capitalization of $2.09 billion, a PE ratio of 4.32, a PEG ratio of 1.49 and a beta of -0.33.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The company had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. During the same period in the prior year, the firm posted $4.38 earnings per share. The company’s revenue was down 20.0% on a year-over-year basis. As a group, analysts forecast that Teekay Tankers Ltd. will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 1.64%. Teekay Tankers’s dividend payout ratio (DPR) is currently 7.07%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TNK shares. Evercore ISI lifted their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Bank of America dropped their price target on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. StockNews.com lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a report on Thursday, August 1st. Finally, Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Teekay Tankers has a consensus rating of “Buy” and an average price target of $76.67.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.