Truist Financial Corp Has $693,000 Stock Position in Teekay Tankers Ltd. (NYSE:TNK)

Truist Financial Corp cut its stake in Teekay Tankers Ltd. (NYSE:TNK) by 5.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,064 shares of the shipping company’s stock after selling 578 shares during the period. Truist Financial Corp’s holdings in Teekay Tankers were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in TNK. Fifth Third Bancorp increased its stake in shares of Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares during the last quarter. Quarry LP acquired a new stake in Teekay Tankers during the second quarter worth approximately $43,000. EntryPoint Capital LLC lifted its position in Teekay Tankers by 76.5% during the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after acquiring an additional 378 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares during the period. Finally, Contravisory Investment Management Inc. acquired a new position in shares of Teekay Tankers in the second quarter valued at approximately $204,000. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Stock Down 4.6 %

TNK stock opened at $54.38 on Wednesday. The company’s 50-day moving average price is $56.56 and its two-hundred day moving average price is $61.86. The firm has a market cap of $1.87 billion, a P/E ratio of 4.24, a P/E/G ratio of 1.48 and a beta of -0.33. Teekay Tankers Ltd. has a 12 month low of $41.56 and a 12 month high of $74.20.

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

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.84%. The ex-dividend date was Monday, August 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 7.79%.

Wall Street Analyst Weigh In

TNK has been the subject of several recent research reports. StockNews.com initiated coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a research report on Thursday, August 1st. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Evercore ISI boosted their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Bank of America lowered their target price on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $76.67.

Teekay Tankers 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.