Connor Clark & Lunn Investment Management Ltd. Sells 35,389 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 89.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,278 shares of the shipping company’s stock after selling 35,389 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Teekay Tankers were worth $249,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TNK. Acadian Asset Management LLC boosted its position in shares of Teekay Tankers by 41.3% during the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after acquiring an additional 273,530 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Teekay Tankers by 20.9% in the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after purchasing an additional 123,500 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Teekay Tankers by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after purchasing an additional 93,788 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Teekay Tankers by 9.7% during the 3rd 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 in the last quarter. Finally, Shariaportfolio Inc. bought a new stake in shares of Teekay Tankers during the 3rd quarter worth $3,498,000. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

Shares of NYSE:TNK opened at $40.25 on Monday. Teekay Tankers Ltd. has a 52 week low of $39.84 and a 52 week high of $74.20. The firm has a market cap of $1.38 billion, a PE ratio of 3.30, a price-to-earnings-growth ratio of 1.20 and a beta of -0.32. The firm’s fifty day moving average is $50.66 and its 200-day moving average is $58.79.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.48%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s payout ratio is presently 8.21%.

Wall Street Analyst Weigh In

TNK has been the topic of a number of recent analyst reports. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. 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. Bank of America reiterated an “underperform” rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group reduced their price objective on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Company 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.