Teekay Tankers Ltd. (NYSE:TNK) Shares Sold by State Street Corp

State Street Corp decreased its position in shares of Teekay Tankers Ltd. (NYSE:TNK) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 421,396 shares of the shipping company’s stock after selling 5,500 shares during the period. State Street Corp owned 1.23% of Teekay Tankers worth $24,546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the period. Quarry LP acquired a new stake in Teekay Tankers in the 2nd quarter valued at about $43,000. CWM LLC boosted its position in shares of Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 482 shares in the last quarter. Millburn Ridgefield Corp bought a new position in shares of Teekay Tankers during the 3rd quarter valued at about $132,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Teekay Tankers in the 2nd quarter worth approximately $237,000. 52.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TNK has been the subject of several recent research reports. Bank of America reissued an “underperform” rating and set a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. StockNews.com began coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Jefferies Financial Group cut their target price 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. Finally, Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $37.51 on Monday. The company has a 50 day moving average price of $44.55 and a 200 day moving average price of $55.31. Teekay Tankers Ltd. has a 52 week low of $36.04 and a 52 week high of $74.20. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 3.08, a P/E/G ratio of 1.13 and a beta of -0.39.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.67%. Teekay Tankers’s dividend payout ratio is 8.21%.

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.