Seven Eight Capital LP Purchases Shares of 4,334 Teekay Tankers Ltd. (NYSE:TNK)

Seven Eight Capital LP acquired a new position in Teekay Tankers Ltd. (NYSE:TNK) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 4,334 shares of the shipping company’s stock, valued at approximately $298,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TNK. Bridgeway Capital Management LLC lifted its position in shares of Teekay Tankers by 4.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 300,892 shares of the shipping company’s stock valued at $15,036,000 after acquiring an additional 11,605 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Teekay Tankers by 51.9% in the 1st 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 during the period. Acadian Asset Management LLC increased its stake in Teekay Tankers by 40.4% in the 1st quarter. Acadian Asset Management LLC now owns 662,122 shares of the shipping company’s stock worth $38,659,000 after purchasing an additional 190,407 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Teekay Tankers by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after buying an additional 11,535 shares during the period. Finally, Boston Partners lifted its stake 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 buying an additional 22,043 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TNK has been the topic of a number of recent analyst reports. Bank of America cut their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. StockNews.com downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. 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 report on Tuesday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $76.00 price target on shares of Teekay Tankers in a research report on Thursday, August 1st.

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $55.77 on Monday. Teekay Tankers Ltd. has a twelve month low of $37.20 and a twelve month high of $74.20. The firm has a market cap of $1.91 billion, a PE ratio of 3.94, a P/E/G ratio of 1.41 and a beta of -0.32. The firm’s 50 day moving average price is $57.84 and its two-hundred day moving average price is $61.52.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 earnings per share (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 firm had revenue of $296.60 million for the quarter, compared to analysts’ expectations of $192.19 million. During the same quarter in the prior year, the business posted $4.38 earnings per share. Teekay Tankers’s revenue was down 20.0% on a year-over-year basis. Equities analysts anticipate that Teekay Tankers Ltd. will post 13.33 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 1.79%. Teekay Tankers’s payout ratio is 7.07%.

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.