Pacer Advisors Inc. Sells 96,573 Shares of Teekay Tankers Ltd. $TNK

Pacer Advisors Inc. decreased its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 56.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 73,163 shares of the shipping company’s stock after selling 96,573 shares during the quarter. Pacer Advisors Inc. owned about 0.21% of Teekay Tankers worth $3,908,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of TNK. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teekay Tankers during the 4th quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers in the fourth quarter worth $33,000. Leonteq Securities AG bought a new stake in Teekay Tankers in the fourth quarter valued at $34,000. Aster Capital Management DIFC Ltd increased its stake in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Teekay Tankers during the third quarter valued at about $63,000. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $77.67 on Tuesday. The company has a 50-day moving average price of $75.57 and a 200-day moving average price of $68.43. The stock has a market capitalization of $2.68 billion, a P/E ratio of 6.31 and a beta of -0.25. Teekay Tankers Ltd. has a 1 year low of $41.05 and a 1 year high of $83.99.

Teekay Tankers (NYSE:TNK) last posted its 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, equities research analysts anticipate that Teekay Tankers Ltd. will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

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

Insider Activity at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TNK has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Bank of America boosted their target price on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Evercore reiterated an “outperform” rating and issued a $86.00 price target on shares of Teekay Tankers in a report on Friday, May 15th. Finally, Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers 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.