Marnell Management LLC Makes New $1.23 Million Investment in Teekay Tankers Ltd. $TNK

Marnell Management LLC bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,073 shares of the shipping company’s stock, valued at approximately $1,233,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ruffer LLP acquired a new position in shares of Teekay Tankers during the 4th quarter worth approximately $3,738,000. American Century Companies Inc. boosted its position in shares of Teekay Tankers by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after acquiring an additional 67,186 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Teekay Tankers during the 4th quarter worth approximately $708,000. Royce & Associates LP boosted its position in shares of Teekay Tankers by 7.5% during the 3rd quarter. Royce & Associates LP now owns 211,590 shares of the shipping company’s stock worth $10,696,000 after acquiring an additional 14,707 shares in the last quarter. Finally, Greenland Capital Management LP acquired a new stake in shares of Teekay Tankers during the 3rd quarter worth approximately $1,012,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Wall Street Analyst Weigh In

TNK has been the topic of several analyst reports. DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Bank of America increased their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $75.57 on Monday. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 6.14 and a beta of -0.25. The firm has a 50 day simple moving average of $75.74 and a 200 day simple moving average of $67.68. Teekay Tankers Ltd. has a one year low of $41.05 and a one year high of $83.99.

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

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors 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 yield of 1.3%. Teekay Tankers’s dividend payout ratio is presently 8.13%.

Insider Buying and Selling

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

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.