Geode Capital Management LLC Raises Position in Teekay Tankers Ltd. (NYSE:TNK)

Geode Capital Management LLC raised its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 317,987 shares of the shipping company’s stock after buying an additional 2,403 shares during the quarter. Geode Capital Management LLC owned about 0.93% of Teekay Tankers worth $18,542,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of Teekay Tankers during the 2nd quarter valued at about $43,000. CWM LLC raised its stake in Teekay Tankers by 96.8% in the third 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 stake in Teekay Tankers during the third quarter valued at approximately $132,000. US Bancorp DE bought a new stake in Teekay Tankers during the third quarter valued at approximately $231,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Teekay Tankers in the 2nd quarter worth approximately $237,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Stock Down 0.5 %

NYSE:TNK opened at $38.92 on Friday. The firm has a market capitalization of $1.33 billion, a P/E ratio of 3.20, a P/E/G ratio of 1.13 and a beta of -0.39. The company has a fifty day moving average of $42.93 and a 200 day moving average of $54.22. Teekay Tankers Ltd. has a 52 week low of $36.04 and a 52 week high of $74.20.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s payout ratio is currently 8.21%.

Analysts Set New Price Targets

A number of research firms recently commented on TNK. StockNews.com started coverage on Teekay Tankers in a research note 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. Jefferies Financial Group cut their target price on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Bank of America reissued an “underperform” rating and set a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average 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.