334,894 Shares in Teekay Tankers Ltd. $TNK Acquired by Fearnley Asset Management AS

Fearnley Asset Management AS purchased a new stake in Teekay Tankers Ltd. (NYSE:TNK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 334,894 shares of the shipping company’s stock, valued at approximately $17,890,000. Teekay Tankers comprises approximately 8.2% of Fearnley Asset Management AS’s investment portfolio, making the stock its 4th biggest position.

A number of other large investors also recently bought and sold shares of TNK. Ameriprise Financial Inc. raised its position in Teekay Tankers by 24.6% during the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares during the period. Man Group plc acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at about $5,264,000. Millennium Management LLC lifted its stake in shares of Teekay Tankers by 203.6% in the fourth quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock worth $7,820,000 after buying an additional 98,156 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Teekay Tankers in the fourth quarter worth about $5,174,000. Finally, HRT Financial LP purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $5,049,000. 52.67% of the stock is owned by institutional investors and hedge funds.

Teekay Tankers Price Performance

TNK stock opened at $74.44 on Friday. The company’s 50 day simple moving average is $75.51 and its 200-day simple moving average is $68.19. Teekay Tankers Ltd. has a 12 month low of $41.05 and a 12 month high of $83.99. The firm has a market capitalization of $2.57 billion, a PE ratio of 6.05 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 13.75 earnings per share for the current year.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 annualized dividend and a yield of 1.3%. Teekay Tankers’s dividend payout ratio (DPR) is currently 8.13%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Evercore reissued an “outperform” rating and issued a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Dnb Carnegie lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.00.

Insider Transactions at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director directly owned 7,445 shares in the company, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.90% of the company’s stock.

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.