Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 89.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,278 shares of the shipping company's stock after selling 35,389 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Teekay Tankers were worth $249,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in shares of Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company's stock worth $43,000 after acquiring an additional 456 shares during the period. Quarry LP acquired a new stake in shares of Teekay Tankers in the 2nd quarter valued at $43,000. CWM LLC increased its stake in shares of Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company's stock valued at $57,000 after purchasing an additional 482 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Teekay Tankers by 14.7% during the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company's stock worth $92,000 after buying an additional 172 shares during the last quarter. Finally, Contravisory Investment Management Inc. bought a new position in Teekay Tankers in the second quarter valued at about $204,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on TNK shares. Jefferies Financial Group decreased their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, November 14th. Bank of America reiterated an "underperform" rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. StockNews.com started coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a "hold" rating for the company. Finally, Fearnley Fonds upgraded Teekay Tankers to a "strong-buy" rating in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $63.67.
Check Out Our Latest Stock Report on Teekay Tankers
Teekay Tankers Stock Down 0.9 %
Teekay Tankers stock traded down $0.37 during trading on Monday, hitting $39.88. The stock had a trading volume of 455,567 shares, compared to its average volume of 356,212. Teekay Tankers Ltd. has a 1 year low of $39.22 and a 1 year high of $74.20. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 3.30, a price-to-earnings-growth ratio of 1.20 and a beta of -0.32. The stock's 50 day moving average is $50.66 and its two-hundred day moving average is $58.70.
Teekay Tankers Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.51%. Teekay Tankers's dividend payout ratio (DPR) is currently 8.21%.
Teekay Tankers Company 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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