Commonwealth Equity Services LLC Boosts Stock Position in Teekay Tankers Ltd. (NYSE:TNK)

Commonwealth Equity Services LLC boosted its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 8.8% during the 2nd quarter, Holdings Channel reports. The firm owned 4,013 shares of the shipping company’s stock after acquiring an additional 323 shares during the period. Commonwealth Equity Services LLC’s holdings in Teekay Tankers were worth $276,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in shares of Teekay Tankers by 30.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 28,714 shares of the shipping company’s stock valued at $1,976,000 after buying an additional 6,656 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Teekay Tankers by 16.4% in 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 buying an additional 11,535 shares during the period. Fifth Third Bancorp raised its stake in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Teekay Tankers by 11,234.2% in the second quarter. Nisa Investment Advisors LLC now owns 4,307 shares of the shipping company’s stock valued at $296,000 after buying an additional 4,269 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock valued at $92,000 after buying an additional 172 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Up 2.4 %

Shares of NYSE TNK opened at $57.44 on Wednesday. The firm has a market capitalization of $1.97 billion, a P/E ratio of 4.06, a P/E/G ratio of 1.41 and a beta of -0.32. The stock’s 50-day simple moving average is $57.53 and its two-hundred day simple moving average is $61.56. Teekay Tankers Ltd. has a twelve month low of $37.20 and a twelve month high of $74.20.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The business had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. Teekay Tankers’s revenue was down 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.38 earnings per share. As a group, research analysts anticipate that Teekay Tankers Ltd. will post 13.33 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.74%. Teekay Tankers’s dividend payout ratio is currently 7.07%.

Analysts Set New Price Targets

TNK has been the topic of a number of analyst reports. StockNews.com lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Evercore ISI boosted their price objective on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America decreased their price objective 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. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $76.00 price objective on shares of Teekay Tankers in a research note on Thursday, August 1st.

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.