Seven Eight Capital LP Acquires Shares of 4,334 Teekay Tankers Ltd. (NYSE:TNK)

Seven Eight Capital LP bought a new position in Teekay Tankers Ltd. (NYSE:TNK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,334 shares of the shipping company’s stock, valued at approximately $298,000.

Other institutional investors have also modified their holdings of the company. Tucker Asset Management LLC bought a new stake in Teekay Tankers in the fourth quarter valued at about $38,000. Fifth Third Bancorp lifted its stake in Teekay Tankers by 266.7% during the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in 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 purchasing an additional 378 shares during the period. Blue Trust Inc. increased its stake in Teekay Tankers by 14.7% during 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 during the last quarter. Finally, Assetmark Inc. raised its stake in Teekay Tankers by 82.6% during the fourth quarter. Assetmark Inc. now owns 2,758 shares of the shipping company’s stock worth $138,000 after acquiring an additional 1,248 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TNK shares. Bank of America dropped their price target on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. StockNews.com downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Evercore ISI increased their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $76.00 target price on shares of Teekay Tankers in a research note on Thursday, August 1st.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $55.77 on Monday. The firm has a market capitalization of $1.91 billion, a PE ratio of 3.94, a price-to-earnings-growth ratio of 1.41 and a beta of -0.32. Teekay Tankers Ltd. has a 1 year low of $37.20 and a 1 year high of $74.20. The stock has a fifty day moving average of $57.84 and a two-hundred day moving average of $61.52.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The company had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. During the same quarter in the prior year, the company earned $4.38 EPS. The business’s quarterly revenue was down 20.0% on a year-over-year basis. Equities research analysts predict that Teekay Tankers Ltd. will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 1.79%. Teekay Tankers’s payout ratio is 7.07%.

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.