Bleakley Financial Group LLC Lowers Stock Position in Teekay Tankers Ltd. (NYSE:TNK)

Bleakley Financial Group LLC reduced its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 37.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,492 shares of the shipping company’s stock after selling 3,895 shares during the period. Bleakley Financial Group LLC’s holdings in Teekay Tankers were worth $378,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in shares of Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares in 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 position in shares of Teekay Tankers by 76.5% during 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 in the last quarter. CWM LLC lifted its holdings in Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after purchasing an additional 482 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Teekay Tankers by 14.7% in the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 shares in the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price target on shares of Teekay Tankers in a report on Thursday, August 1st. StockNews.com assumed coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating on the stock. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Evercore ISI boosted 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. Finally, Bank of America lowered their price target on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $76.67.

Teekay Tankers Price Performance

Shares of TNK opened at $53.26 on Wednesday. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 4.15, a price-to-earnings-growth ratio of 1.39 and a beta of -0.33. Teekay Tankers Ltd. has a 1 year low of $42.01 and a 1 year high of $74.20. The business’s 50 day simple moving average is $56.55 and its 200-day simple moving average is $61.72.

Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.13). The company had revenue of $296.60 million for the quarter, compared to the consensus estimate of $192.19 million. Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.38 EPS. On average, sell-side analysts expect that Teekay Tankers Ltd. will post 13.33 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Monday, August 12th. Teekay Tankers’s dividend payout ratio is currently 7.79%.

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.