Allspring Global Investments Holdings LLC Sells 3,498 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Allspring Global Investments Holdings LLC lowered its stake in Teekay Tankers Ltd. (NYSE:TNK) by 14.6% in the 4th quarter, Holdings Channel reports. The firm owned 20,491 shares of the shipping company’s stock after selling 3,498 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Teekay Tankers were worth $1,024,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TNK. Principal Financial Group Inc. boosted its stake in Teekay Tankers by 52.9% in the 3rd quarter. Principal Financial Group Inc. now owns 596,967 shares of the shipping company’s stock worth $24,852,000 after purchasing an additional 206,561 shares during the period. Acadian Asset Management LLC boosted its stake in Teekay Tankers by 94.3% in the 3rd quarter. Acadian Asset Management LLC now owns 409,144 shares of the shipping company’s stock worth $17,022,000 after purchasing an additional 198,613 shares during the period. International Assets Investment Management LLC bought a new position in Teekay Tankers in the 4th quarter worth about $6,243,000. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Teekay Tankers by 180.8% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 182,816 shares of the shipping company’s stock valued at $7,611,000 after acquiring an additional 117,716 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its holdings in shares of Teekay Tankers by 409.7% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 74,308 shares of the shipping company’s stock valued at $3,093,000 after acquiring an additional 59,728 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TNK. Bank of America raised Teekay Tankers from a “neutral” rating to a “buy” rating and raised their price target for the company from $56.00 to $72.00 in a report on Friday, January 19th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $70.00 price target on shares of Teekay Tankers in a report on Thursday, February 22nd. StockNews.com raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Finally, Evercore ISI lowered their price target on Teekay Tankers from $77.00 to $73.00 and set an “outperform” rating on the stock in a report on Friday, February 23rd.

Teekay Tankers Stock Performance

Shares of NYSE TNK opened at $56.48 on Wednesday. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 3.80, a P/E/G ratio of 1.32 and a beta of -0.28. The company has a current ratio of 4.40, a quick ratio of 4.02 and a debt-to-equity ratio of 0.08. Teekay Tankers Ltd. has a 1-year low of $35.00 and a 1-year high of $64.42. The stock’s 50-day moving average is $56.52 and its 200 day moving average is $53.46.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, February 22nd. The shipping company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.81). The firm had revenue of $194.46 million for the quarter, compared to analysts’ expectations of $219.93 million. Teekay Tankers had a net margin of 37.65% and a return on equity of 36.16%. On average, sell-side analysts anticipate that Teekay Tankers Ltd. will post 14.28 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Monday, March 4th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.77%. Teekay Tankers’s dividend payout ratio is 6.73%.

Teekay Tankers Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.