Merewether Investment Management LP Decreases Stake in Teekay Tankers Ltd. (NYSE:TNK)

Merewether Investment Management LP lessened its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 8.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 50,885 shares of the shipping company’s stock after selling 4,800 shares during the quarter. Merewether Investment Management LP’s holdings in Teekay Tankers were worth $2,964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of TNK. Fifth Third Bancorp boosted its position in Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares during the last quarter. Quarry LP bought a new stake in shares of Teekay Tankers during the 2nd quarter worth $43,000. CWM LLC boosted its holdings in shares of 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 buying an additional 482 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of 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 buying an additional 172 shares during the last quarter. Finally, Millburn Ridgefield Corp bought a new position in Teekay Tankers during the third quarter valued at about $132,000. 52.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Bank of America reiterated an “underperform” rating and issued a $46.00 price objective (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. Finally, StockNews.com started coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Price Performance

Shares of TNK opened at $41.65 on Wednesday. Teekay Tankers Ltd. has a one year low of $39.22 and a one year high of $74.20. The firm has a market capitalization of $1.43 billion, a PE ratio of 3.42, a price-to-earnings-growth ratio of 1.19 and a beta of -0.39. The company has a 50-day simple moving average of $50.33 and a two-hundred day simple moving average of $58.47.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors 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 2.40%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

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.