Exchange Traded Concepts LLC Makes New Investment in Teekay Tankers Ltd. (NYSE:TNK)

Posted by Defense World Staff on Oct 8th, 2023

Exchange Traded Concepts LLC bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,874 shares of the shipping company’s stock, valued at approximately $377,000.

Other institutional investors have also recently bought and sold shares of the company. Dorsey Wright & Associates acquired a new position in Teekay Tankers during the fourth quarter worth about $30,000. Fifth Third Bancorp acquired a new position in Teekay Tankers during the first quarter worth about $42,000. FMR LLC grew its holdings in shares of Teekay Tankers by 41.9% during the first quarter. FMR LLC now owns 1,019 shares of the shipping company’s stock worth $44,000 after purchasing an additional 301 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Teekay Tankers during the fourth quarter worth about $46,000. Finally, Ahrens Investment Partners LLC bought a new stake in shares of Teekay Tankers during the first quarter worth about $48,000. Institutional investors and hedge funds own 48.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TNK shares. Jefferies Financial Group boosted their price target on Teekay Tankers from $51.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. StockNews.com upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 3rd.

Read Our Latest Stock Report on Teekay Tankers

Teekay Tankers Stock Performance

Shares of TNK stock opened at $39.72 on Friday. The business’s 50 day simple moving average is $41.31 and its 200 day simple moving average is $40.03. Teekay Tankers Ltd. has a one year low of $26.08 and a one year high of $48.05. The stock has a market capitalization of $1.35 billion, a PE ratio of 2.56, a PEG ratio of 0.93 and a beta of -0.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.09 and a quick ratio of 2.70.

Teekay Tankers (NYSE:TNK – Get Free Report) last announced its earnings results on Thursday, August 3rd. The shipping company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.28 by $0.10. Teekay Tankers had a return on equity of 46.25% and a net margin of 37.90%. The business had revenue of $370.70 million for the quarter, compared to analysts’ expectations of $242.67 million. During the same period in the prior year, the business posted $0.76 earnings per share. The firm’s revenue was up 52.9% on a year-over-year basis. As a group, research analysts forecast that Teekay Tankers Ltd. will post 13.74 earnings per share for the current year.

Teekay Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 14th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 11th. This is a boost from Teekay Tankers’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 2.52%. Teekay Tankers’s dividend payout ratio is presently 6.45%.

Teekay Tankers Company Profile

(Free Report)

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.