Bridgeway Capital Management LLC Reduces Stock Holdings in Teekay Tankers Ltd. $TNK

Bridgeway Capital Management LLC lowered its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 271,170 shares of the shipping company’s stock after selling 25,934 shares during the quarter. Bridgeway Capital Management LLC’s holdings in Teekay Tankers were worth $14,486,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of TNK. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers in the 4th quarter valued at $28,000. Kemnay Advisory Services Inc. bought a new position in Teekay Tankers in the 4th quarter valued at $33,000. Leonteq Securities AG bought a new position in Teekay Tankers in the 4th quarter valued at $34,000. Aster Capital Management DIFC Ltd grew its position in Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 1,032 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new position in Teekay Tankers in the 3rd quarter valued at $63,000. Institutional investors own 52.67% of the company’s stock.

Insider Buying and Selling at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on TNK shares. Evercore reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a research report on Friday, May 15th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Bank of America upped their price objective on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Finally, Wall Street Zen raised Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Trading Down 1.7%

Shares of TNK stock opened at $73.83 on Thursday. Teekay Tankers Ltd. has a twelve month low of $41.05 and a twelve month high of $83.99. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 6.00 and a beta of -0.25. The stock has a fifty day simple moving average of $75.59 and a two-hundred day simple moving average of $68.03.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. Research analysts predict that Teekay Tankers Ltd. will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio is currently 8.13%.

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.