Northern Trust Corp grew its stake in Teekay Tankers Ltd. (NYSE:TNK) by 75.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,096,347 shares of the shipping company’s stock after purchasing an additional 1,334,417 shares during the quarter. Northern Trust Corp owned approximately 1.87% of Teekay Tankers worth $5,821,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of TNK. Parametric Portfolio Associates LLC raised its position in shares of Teekay Tankers by 19.0% in the first quarter. Parametric Portfolio Associates LLC now owns 146,641 shares of the shipping company’s stock valued at $301,000 after purchasing an additional 23,438 shares during the period. JPMorgan Chase & Co. raised its position in shares of Teekay Tankers by 2,453.3% in the first quarter. JPMorgan Chase & Co. now owns 79,636 shares of the shipping company’s stock valued at $163,000 after purchasing an additional 76,517 shares during the period. American International Group Inc. raised its position in shares of Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock valued at $147,000 after purchasing an additional 4,720 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of Teekay Tankers by 30.2% in the first quarter. TIAA CREF Investment Management LLC now owns 938,588 shares of the shipping company’s stock valued at $1,924,000 after purchasing an additional 217,673 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Teekay Tankers by 1,094.2% in the first quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock valued at $3,090,000 after purchasing an additional 1,380,930 shares during the period. 40.33% of the stock is currently owned by institutional investors.
Teekay Tankers Ltd. (NYSE TNK) opened at $1.43 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.80 and a current ratio of 0.67. Teekay Tankers Ltd. has a one year low of $1.37 and a one year high of $2.78.
Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Teekay Tankers had a negative net margin of 11.43% and a negative return on equity of 0.99%. The business had revenue of $91.20 million for the quarter, compared to the consensus estimate of $68.67 million. During the same period in the prior year, the company posted ($0.01) earnings per share. Teekay Tankers’s revenue was down 16.8% compared to the same quarter last year. equities research analysts expect that Teekay Tankers Ltd. will post -0.12 EPS for the current year.
Teekay Tankers declared that its board has approved a stock buyback plan on Friday, September 15th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the shipping company to repurchase up to 16.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Monday, November 20th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.12 annualized dividend and a dividend yield of 8.39%. Teekay Tankers’s dividend payout ratio (DPR) is presently -42.86%.
TNK has been the topic of several research analyst reports. Zacks Investment Research raised shares of Teekay Tankers from a “hold” rating to a “buy” rating and set a $1.75 price objective on the stock in a research report on Wednesday, July 19th. BidaskClub lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. ValuEngine lowered shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. TheStreet downgraded shares of Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Finally, Bank of America Corporation decreased their price target on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating on the stock in a research note on Friday, November 10th. Four equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company has an average rating of “Sell” and an average price target of $1.60.
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About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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