Loews Corp Purchases 13,200 Shares of Teekay Tankers Ltd. (TNK)
Loews Corp boosted its position in Teekay Tankers Ltd. (NYSE:TNK) by 17.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,990 shares of the shipping company’s stock after purchasing an additional 13,200 shares during the quarter. Loews Corp owned about 0.05% of Teekay Tankers worth $165,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TNK. Two Sigma Securities LLC boosted its stake in Teekay Tankers by 243.5% in the 1st quarter. Two Sigma Securities LLC now owns 51,750 shares of the shipping company’s stock valued at $106,000 after purchasing an additional 36,683 shares during the period. Highbridge Capital Management LLC bought a new stake in Teekay Tankers in the 1st quarter valued at $113,000. American International Group Inc. boosted its stake in Teekay Tankers by 7.0% in the 1st 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. Nationwide Fund Advisors boosted its stake in Teekay Tankers by 10.4% in the 2nd quarter. Nationwide Fund Advisors now owns 79,553 shares of the shipping company’s stock valued at $150,000 after purchasing an additional 7,500 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Teekay Tankers by 2,453.3% in the 1st 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. Institutional investors and hedge funds own 39.00% of the company’s stock.
Several analysts recently issued reports on the company. ValuEngine downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. UBS AG restated a “sell” rating and issued a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. BidaskClub downgraded Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, TheStreet downgraded Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Teekay Tankers currently has an average rating of “Hold” and an average price target of $2.27.
Shares of Teekay Tankers Ltd. (NYSE:TNK) traded up 9.72% during trading on Friday, reaching $1.58. The company’s stock had a trading volume of 3,926,609 shares. The stock’s market cap is $268.54 million. The stock has a 50-day moving average of $1.52 and a 200-day moving average of $1.85. Teekay Tankers Ltd. has a 52-week low of $1.37 and a 52-week high of $2.85.
Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). Teekay Tankers had a positive return on equity of 0.39% and a negative net margin of 7.38%. The firm had revenue of $89.40 million during the quarter, compared to analyst estimates of $80.68 million. During the same period last year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was down 36.0% on a year-over-year basis. Analysts predict that Teekay Tankers Ltd. will post ($0.03) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 14th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 7.59%. The ex-dividend date of this dividend was Thursday, August 10th. Teekay Tankers’s payout ratio is currently -63.16%.
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Teekay Tankers Company 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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