Exchange Traded Concepts LLC Raises Stake in Teekay Tankers Ltd. (NYSE:TNK)

Exchange Traded Concepts LLC boosted its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK) by 11.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,464 shares of the shipping company’s stock after buying an additional 581 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Teekay Tankers were worth $318,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TNK. Fifth Third Bancorp raised its holdings in shares of 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. Quarry LP purchased a new position in shares of Teekay Tankers during the 2nd quarter valued at about $43,000. EntryPoint Capital LLC lifted its holdings in shares of Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after buying an additional 378 shares during the period. CWM LLC boosted its stake in shares of Teekay Tankers by 96.8% in the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after buying an additional 482 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares during the period. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on TNK. StockNews.com started coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Bank of America dropped their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Fearnley Fonds upgraded 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 $76.00 target price on shares of Teekay Tankers in a research report on Thursday, August 1st. Finally, Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Teekay Tankers presently has an average rating of “Buy” and a consensus target price of $76.67.

Teekay Tankers Stock Up 0.3 %

Shares of NYSE TNK opened at $55.57 on Friday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 3.93, a price-to-earnings-growth ratio of 1.43 and a beta of -0.33. The company’s 50-day simple moving average is $56.56 and its 200-day simple moving average is $61.75. Teekay Tankers Ltd. has a 52-week low of $41.56 and a 52-week high of $74.20.

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

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.80%. Teekay Tankers’s payout ratio is currently 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.