Teekay Tankers Declares Dividend Amidst Strong Q4 Performance
Bermuda, Wednesday, 19 February 2025.
Teekay Tankers Ltd. reports robust Q4 profits, announcing a $0.25 per share dividend payable March 14, 2025, reflecting resilience in a challenging shipping market.
Dividend Announcement and Payment Details
Teekay Tankers Ltd. (NYSE: TNK) has declared a quarterly cash dividend of $0.25 per share for the fourth quarter of 2024 [1]. The dividend will be distributed to shareholders of record as of March 3, 2025, with the payment scheduled for March 14, 2025 [1]. This announcement comes as part of the company’s fourth quarter and annual 2024 results release, demonstrating continued commitment to shareholder returns [1].
Fleet Operations and Market Position
The company maintains a substantial presence in the global shipping industry with a diverse fleet of 39 double-hull tankers, including 23 Suezmax tankers and 16 Aframax/LR2 tankers [1]. Additionally, Teekay Tankers operates five time chartered-in vessels and maintains a 50 percent ownership in a Very Large Crude Carrier (VLCC) through a joint venture [1]. The company’s strong market position is further enhanced by its ship-to-ship transfer operations in the U.S. Gulf and Caribbean, as well as its marine services contracts with the Australian Government [1].
Institutional Investment Activity
The company has recently attracted significant institutional investor interest. Notable investment activity includes FMR LLC’s 9.2% stake increase in Q3 2024, bringing their holding to 1,480,670 shares valued at $86,249,000 [6]. Similarly, Principal Financial Group Inc. boosted its position by 9.7% during the same period, now holding 906,700 shares valued at $52,815,000 [6]. Currently, institutional investors own 52.67% of Teekay Tankers’ stock [6].
Market Performance and Analyst Outlook
As of February 2025, Teekay Tankers maintains a market capitalization of $1.40 billion, with shares trading at $40.94 [6]. The company’s stock has demonstrated significant range over the past 52 weeks, moving between $36.04 and $74.20 [6]. Analyst sentiment remains mixed, with current consensus maintaining a ‘Moderate Buy’ rating and a target price of $63.67 [6]. Recent analyst adjustments include Bank of America’s revision to an ‘underperform’ rating with a $46.00 target price, while Jefferies Financial Group maintains a ‘buy’ rating with a $60.00 target price [6].