Allianz Asset Management GmbH Trims Stake in Teekay Tankers Ltd. (TNK)

Allianz Asset Management GmbH decreased its position in Teekay Tankers Ltd. (NYSE:TNK) by 23.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 818,710 shares of the shipping company’s stock after selling 250,396 shares during the quarter. Allianz Asset Management GmbH owned 0.58% of Teekay Tankers worth $1,326,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Cubist Systematic Strategies LLC raised its holdings in Teekay Tankers by 21.8% in the second quarter. Cubist Systematic Strategies LLC now owns 53,279 shares of the shipping company’s stock valued at $100,000 after acquiring an additional 9,526 shares in the last quarter. Voya Investment Management LLC raised its holdings in Teekay Tankers by 26.3% in the second quarter. Voya Investment Management LLC now owns 63,186 shares of the shipping company’s stock valued at $119,000 after acquiring an additional 13,167 shares in the last quarter. Nationwide Fund Advisors raised its holdings in Teekay Tankers by 10.4% in the second quarter. Nationwide Fund Advisors now owns 79,553 shares of the shipping company’s stock valued at $150,000 after acquiring an additional 7,500 shares in the last quarter. Loews Corp raised its holdings in Teekay Tankers by 17.6% in the second quarter. Loews Corp now owns 87,990 shares of the shipping company’s stock valued at $165,000 after acquiring an additional 13,200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Teekay Tankers by 16.6% during the second quarter. The Manufacturers Life Insurance Company now owns 107,413 shares of the shipping company’s stock worth $202,000 after purchasing an additional 15,304 shares in the last quarter. 35.73% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Teekay Tankers Ltd. (NYSE:TNK) opened at $1.41 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.73. Teekay Tankers Ltd. has a 1-year low of $1.30 and a 1-year high of $2.70. The firm has a market cap of $380.85, a P/E ratio of -5.04 and a beta of 2.28.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Teekay Tankers had a negative net margin of 24.53% and a negative return on equity of 10.24%. The company had revenue of $91.20 million for the quarter, compared to analysts’ expectations of $68.67 million. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s revenue for the quarter was down 16.8% on a year-over-year basis. sell-side analysts expect that Teekay Tankers Ltd. will post -0.14 EPS for the current year.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Teekay Tankers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Bank of America cut their price objective on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating on the stock in a report on Friday, November 10th. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The stock currently has an average rating of “Sell” and an average target price of $1.60.

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Teekay Tankers Company Profile

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.

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Institutional Ownership by Quarter for Teekay Tankers (NYSE:TNK)

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