Corebridge Financial Inc. Sells 901 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Corebridge Financial Inc. lessened its position in Teekay Tankers Ltd. (NYSE:TNK) by 7.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 11,930 shares of the shipping company’s stock after selling 901 shares during the period. Corebridge Financial Inc.’s holdings in Teekay Tankers were worth $475,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royce & Associates LP acquired a new stake in Teekay Tankers in the 4th quarter valued at $8,980,000. Empowered Funds LLC acquired a new position in shares of Teekay Tankers during the fourth quarter valued at about $7,248,000. Principal Financial Group Inc. increased its position in shares of Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after acquiring an additional 80,217 shares in the last quarter. American Century Companies Inc. increased its position in shares of Teekay Tankers by 7.8% during the fourth quarter. American Century Companies Inc. now owns 914,657 shares of the shipping company’s stock worth $36,394,000 after acquiring an additional 66,332 shares in the last quarter. Finally, Denali Advisors LLC acquired a new stake in shares of Teekay Tankers in the 4th quarter worth about $2,204,000. Institutional investors own 52.67% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group reiterated a “buy” rating and set a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Teekay Tankers Price Performance

TNK opened at $34.43 on Wednesday. Teekay Tankers Ltd. has a 1 year low of $33.35 and a 1 year high of $74.20. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 3.04 and a beta of -0.16. The firm’s fifty day moving average price is $39.20 and its two-hundred day moving average price is $43.64.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.01. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The business had revenue of $163.42 million for the quarter, compared to analysts’ expectations of $158.26 million. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Monday, March 3rd. Teekay Tankers’s dividend payout ratio is presently 8.83%.

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.