Harvey Capital Management Inc. Cuts Position in Teekay Tankers Ltd. (NYSE:TNK)

Harvey Capital Management Inc. reduced its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 76.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,285 shares of the shipping company’s stock after selling 30,910 shares during the quarter. Harvey Capital Management Inc.’s holdings in Teekay Tankers were worth $369,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in Teekay Tankers by 32.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 37,838 shares of the shipping company’s stock worth $1,561,000 after purchasing an additional 9,222 shares in the last quarter. Essex Financial Services Inc. purchased a new position in shares of Teekay Tankers in the 4th quarter worth approximately $255,000. Empowered Funds LLC bought a new position in shares of Teekay Tankers during the 4th quarter worth approximately $7,248,000. Bleakley Financial Group LLC raised its stake in shares of Teekay Tankers by 161.6% during the 4th quarter. Bleakley Financial Group LLC now owns 16,982 shares of the shipping company’s stock worth $676,000 after acquiring an additional 10,490 shares in the last quarter. Finally, Choreo LLC purchased a new stake in Teekay Tankers during the fourth quarter valued at approximately $294,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Bank of America restated an “underperform” rating and set a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Trading Up 0.1 %

Shares of Teekay Tankers stock opened at $42.21 on Wednesday. The firm’s 50 day simple moving average is $40.96 and its two-hundred day simple moving average is $48.71. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 3.47, a PEG ratio of 1.98 and a beta of -0.43. Teekay Tankers Ltd. has a 12-month low of $36.04 and a 12-month high of $74.20.

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.