ABC Arbitrage SA bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 9,348 shares of the shipping company's stock, valued at approximately $372,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Custom Index Systems LLC raised its holdings in Teekay Tankers by 4.0% in the 3rd quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company's stock valued at $329,000 after acquiring an additional 216 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Teekay Tankers by 5.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company's stock valued at $322,000 after buying an additional 277 shares in the last quarter. CWM LLC raised its stake in Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company's stock worth $57,000 after purchasing an additional 482 shares in the last quarter. U S Global Investors Inc. grew its position in shares of Teekay Tankers by 11.0% during the 3rd quarter. U S Global Investors Inc. now owns 4,897 shares of the shipping company's stock worth $285,000 after purchasing an additional 486 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of Teekay Tankers by 11.9% in the third quarter. Exchange Traded Concepts LLC now owns 5,464 shares of the shipping company's stock valued at $318,000 after buying an additional 581 shares in the last quarter. Institutional investors own 52.67% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on TNK shares. Jefferies Financial Group cut their target price on Teekay Tankers from $72.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, November 14th. Bank of America reissued an "underperform" rating and issued a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.67.
View Our Latest Stock Analysis on TNK
Teekay Tankers Stock Performance
Shares of TNK traded down $0.17 during mid-day trading on Wednesday, reaching $40.74. The company had a trading volume of 501,978 shares, compared to its average volume of 498,896. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 3.34 and a beta of -0.43. The company's 50 day simple moving average is $41.11 and its 200 day simple moving average is $47.95. Teekay Tankers Ltd. has a 1-year low of $36.04 and a 1-year high of $74.20.
Teekay Tankers Profile
(
Free Report)
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.
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