Quarry LP Makes New Investment in Teekay Tankers Ltd. (NYSE:TNK)

Quarry LP acquired a new position in Teekay Tankers Ltd. (NYSE:TNK) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 632 shares of the shipping company’s stock, valued at approximately $43,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TNK. Bridgeway Capital Management LLC raised its position in Teekay Tankers by 4.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 300,892 shares of the shipping company’s stock valued at $15,036,000 after purchasing an additional 11,605 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position in Teekay Tankers by 51.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 57,846 shares of the shipping company’s stock valued at $3,379,000 after purchasing an additional 19,752 shares in the last quarter. Bank of New York Mellon Corp raised its position in Teekay Tankers by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock valued at $5,633,000 after purchasing an additional 11,535 shares in the last quarter. Acadian Asset Management LLC raised its position in Teekay Tankers by 40.4% during the first quarter. Acadian Asset Management LLC now owns 662,122 shares of the shipping company’s stock valued at $38,659,000 after purchasing an additional 190,407 shares in the last quarter. Finally, Boston Partners raised its position in Teekay Tankers by 160.0% during the first quarter. Boston Partners now owns 35,822 shares of the shipping company’s stock valued at $2,092,000 after purchasing an additional 22,043 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Price Performance

Shares of TNK opened at $61.12 on Friday. Teekay Tankers Ltd. has a one year low of $37.20 and a one year high of $74.20. The company has a 50-day simple moving average of $56.80 and a two-hundred day simple moving average of $61.72. The firm has a market capitalization of $2.09 billion, a PE ratio of 4.32, a price-to-earnings-growth ratio of 1.49 and a beta of -0.33.

Teekay Tankers (NYSE:TNK) last issued 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). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The company had revenue of $296.60 million during the quarter, compared to analysts’ expectations of $192.19 million. During the same quarter last year, the business earned $4.38 earnings per share. The business’s quarterly revenue was down 20.0% on a year-over-year basis. Analysts expect that Teekay Tankers Ltd. will post 13.33 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders 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 dividend yield of 1.64%. Teekay Tankers’s payout ratio is 7.07%.

Analyst Ratings Changes

TNK has been the topic of a number of recent research reports. StockNews.com cut Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Bank of America cut their target price on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a research note on Thursday, August 1st. Finally, Evercore ISI raised their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $76.67.

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.