Systematic Financial Management LP Reduces Holdings in Teekay Tankers Ltd. $TNK

Systematic Financial Management LP lowered its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 11.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 189,533 shares of the shipping company’s stock after selling 25,195 shares during the quarter. Systematic Financial Management LP’s holdings in Teekay Tankers were worth $13,897,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Teekay Tankers by 3.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock worth $139,579,000 after purchasing an additional 68,437 shares in the last quarter. Ameriprise Financial Inc. grew its position in Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC increased its stake in Teekay Tankers by 14.4% during the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Teekay Tankers by 6.1% during the 4th quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after purchasing an additional 24,024 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Teekay Tankers by 0.8% in the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock worth $21,359,000 after buying an additional 3,101 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TNK shares. Bank of America lifted their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Evercore reissued an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Teekay Tankers currently has an average rating of “Hold” and an average price target of $77.00.

Teekay Tankers Trading Up 0.1%

Shares of NYSE:TNK opened at $75.75 on Friday. Teekay Tankers Ltd. has a twelve month low of $41.77 and a twelve month high of $83.99. The company has a market cap of $2.62 billion, a PE ratio of 6.16 and a beta of -0.22. The company’s 50 day moving average is $72.66 and its 200 day moving average is $71.19.

Teekay Tankers (NYSE:TNK) last announced 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%. Equities research analysts predict that Teekay Tankers Ltd. will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

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

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction 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 trade 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 at this hyperlink. 1.90% of the stock is currently owned by company 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.