Royal Bank of Canada decreased its stake in Teekay Tankers Ltd. (NYSE:TNK) by 27.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,685 shares of the shipping company’s stock after selling 1,373 shares during the period. Royal Bank of Canada’s holdings in Teekay Tankers were worth $82,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Pinnacle Holdings LLC purchased a new position in Teekay Tankers during the 1st quarter valued at about $32,000. Altshuler Shaham Ltd purchased a new position in Teekay Tankers during the 1st quarter valued at about $51,000. Meeder Asset Management Inc. increased its holdings in Teekay Tankers by 271.8% during the 1st quarter. Meeder Asset Management Inc. now owns 4,064 shares of the shipping company’s stock valued at $90,000 after acquiring an additional 2,971 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in Teekay Tankers during the 1st quarter valued at about $103,000. Finally, Citigroup Inc. increased its holdings in Teekay Tankers by 42.9% during the 1st quarter. Citigroup Inc. now owns 6,820 shares of the shipping company’s stock valued at $152,000 after acquiring an additional 2,047 shares in the last quarter. Hedge funds and other institutional investors own 33.07% of the company’s stock.
Several equities analysts have weighed in on TNK shares. Zacks Investment Research downgraded shares of Teekay Tankers from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. Fearnley Fonds downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating and set a $15.00 price target for the company. in a report on Tuesday, June 2nd. Finally, DNB Markets upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Thursday, May 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $22.60.
Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, May 21st. The shipping company reported $3.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.91 by $0.36. Teekay Tankers had a net margin of 13.18% and a return on equity of 16.13%. The firm had revenue of $341.90 million during the quarter, compared to the consensus estimate of $227.00 million. During the same period in the previous year, the firm earned $0.05 earnings per share. Teekay Tankers’s revenue was up 43.5% compared to the same quarter last year. On average, analysts anticipate that Teekay Tankers Ltd. will post 7.22 EPS for the current year.
Teekay Tankers Profile
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.
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