Essex Financial Services Inc. Buys New Position in Teekay Tankers Ltd. (NYSE:TNK)

Essex Financial Services Inc. purchased a new position in Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,412 shares of the shipping company's stock, valued at approximately $255,000.

A number of other institutional investors have also recently made changes to their positions in TNK. Empowered Funds LLC bought a new position in Teekay Tankers in the fourth quarter valued at $7,248,000. FMR LLC boosted its holdings in shares of Teekay Tankers by 9.2% in the 3rd quarter. FMR LLC now owns 1,480,670 shares of the shipping company's stock worth $86,249,000 after purchasing an additional 124,659 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Teekay Tankers by 9.7% in the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company's stock worth $52,815,000 after purchasing an additional 80,217 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Teekay Tankers by 31.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 306,732 shares of the shipping company's stock valued at $17,867,000 after purchasing an additional 72,798 shares during the last quarter. Finally, Shariaportfolio Inc. purchased a new position in shares of Teekay Tankers during the 3rd quarter valued at about $3,498,000. Institutional investors own 52.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TNK shares. Jefferies Financial Group reduced their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, November 14th. Bank of America reaffirmed an "underperform" rating and issued a $46.00 price objective (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Teekay Tankers has an average rating of "Moderate Buy" and an average price target of $63.67.

Teekay Tankers Stock Performance

TNK stock traded down $0.42 during trading on Monday, hitting $40.43. 382,748 shares of the company traded hands, compared to its average volume of 527,914. The company has a 50-day moving average of $41.07 and a 200-day moving average of $48.08. Teekay Tankers Ltd. has a 1 year low of $36.04 and a 1 year high of $74.20. The firm has a market capitalization of $1.39 billion, a PE ratio of 3.32, a P/E/G ratio of 1.98 and a beta of -0.43.

Teekay Tankers 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.