Dimensional Fund Advisors LP raised its stake in Teekay Tankers Ltd. (NYSE:TNK) by 5.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,215,008 shares of the shipping company’s stock after buying an additional 325,871 shares during the period. Dimensional Fund Advisors LP owned approximately 3.76% of Teekay Tankers worth $11,684,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Northern Trust Corp increased its stake in shares of Teekay Tankers by 75.7% during the 2nd quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock worth $5,821,000 after purchasing an additional 1,334,417 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Teekay Tankers by 1,094.2% during the 1st quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock worth $3,090,000 after purchasing an additional 1,380,930 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Teekay Tankers by 10.2% during the 2nd quarter. Schroder Investment Management Group now owns 1,317,500 shares of the shipping company’s stock worth $2,491,000 after purchasing an additional 122,100 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Teekay Tankers by 30.2% during the 1st quarter. TIAA CREF Investment Management LLC now owns 938,588 shares of the shipping company’s stock worth $1,924,000 after purchasing an additional 217,673 shares in the last quarter. Finally, Systematic Financial Management LP increased its stake in shares of Teekay Tankers by 23.8% during the 2nd quarter. Systematic Financial Management LP now owns 920,760 shares of the shipping company’s stock worth $1,731,000 after purchasing an additional 176,965 shares in the last quarter. 40.33% of the stock is owned by institutional investors.
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Teekay Tankers Ltd. (TNK) opened at $1.43 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73. Teekay Tankers Ltd. has a 1-year low of $1.37 and a 1-year high of $2.78.
Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, November 9th. The shipping company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. The business had revenue of $91.20 million for the quarter, compared to analyst estimates of $68.67 million. Teekay Tankers had a negative net margin of 11.43% and a negative return on equity of 0.99%. The business’s quarterly revenue was down 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) EPS. research analysts forecast that Teekay Tankers Ltd. will post -0.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Monday, November 20th will be issued a dividend of $0.03 per share. 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 payout ratio is -42.86%.
Teekay Tankers declared that its board has authorized a stock buyback plan on Friday, September 15th that allows the company to buyback $45.00 million in outstanding shares. This buyback authorization allows the shipping company to reacquire up to 16.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
TNK has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. BidaskClub cut shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. ValuEngine cut shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Bank of America Corporation dropped their price objective on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating for the company in a research note on Friday, November 10th. Finally, TheStreet cut shares of Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Four analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company currently has an average rating of “Sell” and a consensus target price of $1.60.
Teekay Tankers Profile
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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