Victory Capital Management Inc. Buys 42,094 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Victory Capital Management Inc. increased its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 92.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 87,679 shares of the shipping company’s stock after acquiring an additional 42,094 shares during the quarter. Victory Capital Management Inc. owned about 0.26% of Teekay Tankers worth $3,489,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. FMR LLC raised its stake in shares of Teekay Tankers by 9.2% in the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after acquiring an additional 124,659 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after purchasing an additional 80,217 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Teekay Tankers by 0.8% in the third quarter. Geode Capital Management LLC now owns 317,987 shares of the shipping company’s stock worth $18,542,000 after purchasing an additional 2,403 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Teekay Tankers by 31.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 306,732 shares of the shipping company’s stock worth $17,867,000 after purchasing an additional 72,798 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Teekay Tankers in the fourth quarter worth about $7,248,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group restated a “buy” rating and issued a $55.00 price target on shares of Teekay Tankers in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Teekay Tankers Stock Up 3.1 %

NYSE TNK opened at $37.89 on Monday. Teekay Tankers Ltd. has a 52 week low of $35.23 and a 52 week high of $74.20. The business’s fifty day simple moving average is $40.97 and its 200-day simple moving average is $45.74. The firm has a market cap of $1.30 billion, a PE ratio of 3.35 and a beta of -0.44.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Wednesday, February 19th. The shipping company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.01. The firm had revenue of $163.42 million for the quarter, compared to analyst estimates of $158.26 million. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. Research analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Monday, March 3rd. Teekay Tankers’s payout ratio is currently 8.83%.

About Teekay Tankers

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.