Systematic Financial Management LP Lowers Stock Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Systematic Financial Management LP lowered its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 7.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 157,191 shares of the shipping company’s stock after selling 12,619 shares during the period. Systematic Financial Management LP owned 0.46% of Teekay Tankers worth $10,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TNK. AQR Capital Management LLC grew its position in Teekay Tankers by 6.5% during the second quarter. AQR Capital Management LLC now owns 45,735 shares of the shipping company’s stock valued at $3,147,000 after acquiring an additional 2,781 shares during the period. Merewether Investment Management LP purchased a new stake in Teekay Tankers during the second quarter valued at about $3,832,000. Sei Investments Co. grew its position in Teekay Tankers by 9.2% during the second quarter. Sei Investments Co. now owns 79,243 shares of the shipping company’s stock valued at $5,453,000 after acquiring an additional 6,652 shares during the period. Kendall Capital Management grew its position in Teekay Tankers by 31.5% during the second quarter. Kendall Capital Management now owns 13,310 shares of the shipping company’s stock valued at $916,000 after acquiring an additional 3,190 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in Teekay Tankers during the second quarter valued at about $298,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Down 1.6 %

Shares of NYSE TNK opened at $58.31 on Monday. The stock has a market capitalization of $2.00 billion, a P/E ratio of 4.12, a PEG ratio of 1.44 and a beta of -0.32. The stock’s 50 day moving average price is $57.24 and its two-hundred day moving average price is $61.66. Teekay Tankers Ltd. has a 52-week low of $37.20 and a 52-week high of $74.20.

Teekay Tankers (NYSE:TNK) last posted its earnings results 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 net margin of 36.04% and a return on equity of 26.34%. The company had revenue of $296.60 million for the quarter, compared to the consensus estimate of $192.19 million. During the same period last year, the company posted $4.38 earnings per share. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. On average, analysts anticipate that Teekay Tankers Ltd. will post 13.33 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Monday, August 12th. Teekay Tankers’s payout ratio is currently 7.07%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TNK shares. Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a research report on Thursday, August 1st. StockNews.com downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Bank of America decreased their target price on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th.

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.