Principal Financial Group Inc. Has $3.44 Million Stock Holdings in Teekay Tankers Ltd. $TNK

Principal Financial Group Inc. trimmed its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 15.0% during the first quarter, Holdings Channel reports. The institutional investor owned 46,934 shares of the shipping company’s stock after selling 8,254 shares during the quarter. Principal Financial Group Inc.’s holdings in Teekay Tankers were worth $3,441,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TNK. PNC Financial Services Group Inc. increased its position in shares of Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after acquiring an additional 172 shares in the last quarter. Glenorchy Capital Ltd lifted its position in Teekay Tankers by 0.5% in the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after acquiring an additional 198 shares in the last quarter. Boothbay Fund Management LLC boosted its stake in Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock valued at $810,000 after purchasing an additional 214 shares during the last quarter. CWM LLC increased its holdings in Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after purchasing an additional 216 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in Teekay Tankers by 12.7% during the 4th quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company’s stock worth $124,000 after purchasing an additional 262 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TNK has been the topic of a number of recent research reports. Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Bank of America upped their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report 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, July 25th. Finally, Weiss Ratings downgraded shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $77.00.

Teekay Tankers Stock Performance

NYSE TNK opened at $78.29 on Thursday. Teekay Tankers Ltd. has a 52-week low of $41.77 and a 52-week high of $83.99. The company has a 50-day simple moving average of $72.64 and a 200 day simple moving average of $71.74. The company has a market capitalization of $2.70 billion, a PE ratio of 6.36 and a beta of -0.22.

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%. As a group, analysts forecast that Teekay Tankers Ltd. will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, August 10th. Teekay Tankers’s payout ratio is 8.13%.

Insider Activity at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the company’s 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 transaction, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.90% of the company’s stock.

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.