Public Employees Retirement System of Ohio Takes Position in Teekay Tankers Ltd. $TNK

Public Employees Retirement System of Ohio purchased a new position in shares of Teekay Tankers Ltd. (NYSE:TNK) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 26,190 shares of the shipping company’s stock, valued at approximately $1,699,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Great Lakes Advisors LLC acquired a new position in Teekay Tankers in the 2nd quarter valued at $3,439,000. Contravisory Investment Management Inc. acquired a new stake in shares of Teekay Tankers in the 2nd quarter worth $247,000. Baron Wealth Management LLC boosted its holdings 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 acquiring an additional 178 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Teekay Tankers by 7,218.9% in the first quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company’s stock valued at $284,000 after acquiring an additional 3,826 shares in the last quarter. Finally, Amundi acquired a new position in shares of Teekay Tankers during the first quarter worth about $1,629,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TNK. Weiss Ratings upgraded 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 boosted their target price on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Evercore reissued an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Stock Up 0.3%

Shares of TNK opened at $93.63 on Monday. The company has a 50-day simple moving average of $78.75 and a 200-day simple moving average of $75.79. The company has a market capitalization of $3.23 billion, a PE ratio of 5.52 and a beta of -0.19. Teekay Tankers Ltd. has a 52-week low of $47.18 and a 52-week high of $94.44.

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 analysts’ consensus estimates of $5.61 by ($0.05). The company had revenue of $258.26 million for the quarter, compared to analysts’ expectations of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 EPS. On average, research analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current 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 given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s dividend payout ratio (DPR) is presently 5.89%.

Insider Buying and Selling

In related news, Director Rohit (Rk2) Kapoor sold 6,375 shares of Teekay Tankers stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the transaction, the director directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the transaction, the director directly owned 4,000 shares of the company’s stock, valued at approximately $360,000. This represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

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.