Jacobs Levy Equity Management Inc. lifted its holdings in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 31.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 306,732 shares of the shipping company's stock after acquiring an additional 72,798 shares during the period. Jacobs Levy Equity Management Inc. owned 0.89% of Teekay Tankers worth $17,867,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new position in shares of Teekay Tankers in the second quarter worth about $1,775,000. Foundry Partners LLC raised its position in Teekay Tankers by 89.3% during the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company's stock valued at $6,156,000 after purchasing an additional 49,853 shares during the period. Shariaportfolio Inc. purchased a new stake in Teekay Tankers during the third quarter valued at approximately $3,498,000. Bank of New York Mellon Corp raised its position in Teekay Tankers by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company's stock valued at $5,633,000 after purchasing an additional 11,535 shares during the period. Finally, Victory Capital Management Inc. raised its position 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 valued at $2,655,000 after purchasing an additional 32,983 shares during the period. Institutional investors own 52.67% of the company's stock.
Teekay Tankers Price Performance
NYSE TNK traded down $0.63 during midday trading on Thursday, hitting $39.81. 390,987 shares of the company traded hands, compared to its average volume of 356,975. The company has a market cap of $1.37 billion, a PE ratio of 3.32, a price-to-earnings-growth ratio of 1.24 and a beta of -0.39. The company's 50-day simple moving average is $49.70 and its 200-day simple moving average is $58.14. Teekay Tankers Ltd. has a 52 week low of $39.22 and a 52 week high of $74.20.
Teekay Tankers Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders 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 annualized dividend and a yield of 2.51%. Teekay Tankers's dividend payout ratio (DPR) is presently 8.21%.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on TNK shares. Jefferies Financial Group reduced their price target on Teekay Tankers from $72.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, November 14th. Fearnley Fonds raised Teekay Tankers to a "strong-buy" rating in a research note on Friday, September 27th. StockNews.com began coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a "hold" rating on the stock. Finally, Bank of America reissued 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 investment analyst has rated the stock with a sell rating, one has given 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $63.67.
Read Our Latest Research Report on Teekay Tankers
About Teekay Tankers
(
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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