Principal Financial Group Inc. lifted its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 9.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 906,700 shares of the shipping company's stock after acquiring an additional 80,217 shares during the quarter. Principal Financial Group Inc. owned 2.65% of Teekay Tankers worth $52,815,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of TNK. Blue Trust Inc. lifted its holdings in shares of Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company's stock valued at $92,000 after purchasing an additional 172 shares in the last quarter. Custom Index Systems LLC lifted its stake 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 buying an additional 216 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake 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. Commonwealth Equity Services LLC grew its holdings in Teekay Tankers by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company's stock valued at $276,000 after buying an additional 323 shares during the last quarter. Finally, EntryPoint Capital LLC raised its holdings in shares of Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company's stock worth $51,000 after acquiring an additional 378 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently commented on TNK shares. Bank of America lowered Teekay Tankers from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $57.00 to $51.00 in a research note on Friday, November 1st. StockNews.com began coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a "hold" rating on the stock. Fearnley Fonds raised shares of Teekay Tankers to a "strong-buy" rating in a research report on Friday, September 27th. Jefferies Financial Group restated a "buy" rating and set a $72.00 target price on shares of Teekay Tankers in a research report on Thursday, October 31st. Finally, Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Teekay Tankers presently has a consensus rating of "Moderate Buy" and an average target price of $69.33.
Get Our Latest Stock Analysis on Teekay Tankers
Teekay Tankers Price Performance
NYSE TNK traded down $0.42 during mid-day trading on Monday, hitting $45.07. The company's stock had a trading volume of 344,875 shares, compared to its average volume of 357,302. Teekay Tankers Ltd. has a 52-week low of $44.63 and a 52-week high of $74.20. The stock's fifty day simple moving average is $54.13 and its two-hundred day simple moving average is $60.76. The firm has a market capitalization of $1.55 billion, a P/E ratio of 3.70, a price-to-earnings-growth ratio of 1.32 and a beta of -0.32.
Teekay Tankers Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, November 12th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.22%. Teekay Tankers's dividend payout ratio is currently 8.21%.
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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