Harvey Capital Management Inc. Sells 30,910 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Harvey Capital Management Inc. reduced its position in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 76.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 9,285 shares of the shipping company's stock after selling 30,910 shares during the period. Harvey Capital Management Inc.'s holdings in Teekay Tankers were worth $369,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Foundry Partners LLC boosted its position in shares of Teekay Tankers by 89.3% during the 3rd quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company's stock worth $6,156,000 after acquiring an additional 49,853 shares in the last quarter. Barclays PLC lifted its holdings in shares of Teekay Tankers by 273.7% during the third quarter. Barclays PLC now owns 31,472 shares of the shipping company's stock worth $1,833,000 after purchasing an additional 23,051 shares during the period. Shariaportfolio Inc. acquired a new position in shares of Teekay Tankers during the third quarter worth $3,498,000. Victory Capital Management Inc. raised its stake in Teekay Tankers by 261.7% during the third quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company's stock worth $2,655,000 after buying an additional 32,983 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company's stock worth $52,815,000 after buying an additional 80,217 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Stock Performance

Teekay Tankers stock traded down $0.42 during midday trading on Friday, reaching $40.43. 382,748 shares of the stock were exchanged, compared to its average volume of 527,914. The company's fifty day moving average is $41.05 and its 200-day moving average is $48.45. The firm has a market cap of $1.39 billion, a PE ratio of 3.32, a PEG ratio of 1.98 and a beta of -0.43. Teekay Tankers Ltd. has a 52 week low of $36.04 and a 52 week high of $74.20.

Wall Street Analysts Forecast Growth

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

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.