Great Lakes Advisors LLC Purchases Shares of 53,019 Teekay Tankers Ltd. $TNK

Great Lakes Advisors LLC bought a new stake in Teekay Tankers Ltd. (NYSE:TNK) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 53,019 shares of the shipping company’s stock, valued at approximately $3,439,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in shares of Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after purchasing an additional 172 shares in the last quarter. Baron Wealth Management LLC grew its stake in shares of Teekay Tankers by 4.5% in the second quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock valued at $266,000 after buying an additional 178 shares in the last quarter. Glenorchy Capital Ltd increased its holdings in Teekay Tankers by 0.5% during the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after buying an additional 198 shares during the last quarter. Boothbay Fund Management LLC increased its holdings in Teekay Tankers by 1.4% during the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after buying an additional 214 shares during the last quarter. Finally, CWM LLC raised its position in Teekay Tankers by 2.4% during the fourth quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Insider Buying and Selling

In other Teekay Tankers news, Director Simon Heidi Locke sold 741 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total transaction of $66,690.00. Following the transaction, the director owned 4,000 shares in the company, valued at $360,000. This trade represents a 15.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total value 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 SEC filing for this sale provides additional information. Insiders have sold 14,147 shares of company stock valued at $1,138,777 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

Teekay Tankers Price Performance

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

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

Teekay Tankers Announces Dividend

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

Analyst Ratings Changes

Several research analysts have recently weighed in on TNK shares. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Bank of America raised their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers 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.