Insider Selling: Teekay Tankers (NYSE:TNK) Director Sells $66,690.00 in Stock

Teekay Tankers Ltd. (NYSE:TNK) Director Simon Heidi Locke sold 741 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the completion of the sale, the director owned 4,000 shares of the company’s stock, valued at approximately $360,000. This represents a 15.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Teekay Tankers Stock Up 0.2%

Teekay Tankers stock traded up $0.14 during midday trading on Tuesday, hitting $89.25. 471,304 shares of the stock were exchanged, compared to its average volume of 349,841. Teekay Tankers Ltd. has a 52-week low of $43.54 and a 52-week high of $90.32. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 5.26 and a beta of -0.22. The business’s 50-day moving average price is $74.69 and its 200-day moving average price is $73.66.

Teekay Tankers (NYSE:TNK) last posted its 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 firm had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.Teekay Tankers’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 EPS. On average, sell-side analysts predict that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TNK. AQR Capital Management LLC raised its stake in shares of Teekay Tankers by 107.2% during the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after acquiring an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Teekay Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after purchasing an additional 50,815 shares during the last quarter. Prudential Financial Inc. raised its position in Teekay Tankers by 9.6% in the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after purchasing an additional 1,035 shares during the period. Finally, First Trust Advisors LP bought a new stake in Teekay Tankers in the second quarter worth $224,000. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TNK has been the topic of several recent analyst reports. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Weiss Ratings raised shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Evercore reissued an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Bank of America raised their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Finally, Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Company 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.