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

Allspring Global Investments Holdings LLC trimmed its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 14.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 owned about 0.06% of Teekay Tankers worth $1,024,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TNK. CWM LLC boosted its position in Teekay Tankers by 10,816.7% during the third quarter. CWM LLC now owns 655 shares of the shipping company’s stock worth $27,000 after purchasing an additional 649 shares during the period. AE Wealth Management LLC acquired a new stake in shares of Teekay Tankers during the third quarter worth $519,000. Mach 1 Financial Group LLC acquired a new stake in shares of Teekay Tankers during the third quarter worth $516,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Teekay Tankers during the third quarter worth $97,000. Finally, U S Global Investors Inc. acquired a new stake in shares of Teekay Tankers during the third quarter worth $157,000. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Stock Up 0.4 %

Shares of NYSE TNK opened at $56.48 on Wednesday. The company has a current ratio of 4.40, a quick ratio of 4.02 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 3.80, a PEG ratio of 1.32 and a beta of -0.28. Teekay Tankers Ltd. has a 12 month low of $35.00 and a 12 month high of $64.42. The stock has a 50-day moving average price of $56.52 and a two-hundred day moving average price of $53.46.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Thursday, February 22nd. The shipping company reported $2.87 EPS for the quarter, missing the consensus estimate of $3.68 by ($0.81). The business had revenue of $194.46 million for the quarter, compared to analyst estimates of $219.93 million. Teekay Tankers had a return on equity of 36.16% and a net margin of 37.65%. As a group, analysts forecast that Teekay Tankers Ltd. will post 14.28 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

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

Analyst Ratings Changes

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

Teekay Tankers Company 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.