Teekay Tankers Ltd. (NYSE:TNK) Shares Bought by Custom Index Systems LLC

Custom Index Systems LLC raised its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,646 shares of the shipping company’s stock after purchasing an additional 216 shares during the quarter. Custom Index Systems LLC’s holdings in Teekay Tankers were worth $329,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp increased its position in shares of Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after acquiring an additional 456 shares during the period. Quarry LP acquired a new position in shares of Teekay Tankers in the second quarter valued at about $43,000. EntryPoint Capital LLC raised its stake in shares of Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after purchasing an additional 378 shares during the last quarter. CWM LLC lifted its holdings in shares of Teekay Tankers by 96.8% during the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after purchasing an additional 482 shares during the period. Finally, Blue Trust Inc. boosted its position in 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 last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Price Performance

Shares of TNK stock opened at $50.02 on Monday. Teekay Tankers Ltd. has a 1-year low of $46.25 and a 1-year high of $74.20. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 3.90, a PEG ratio of 1.32 and a beta of -0.33. The stock has a 50 day simple moving average of $56.11 and a 200-day simple moving average of $61.54.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data 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 company had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business’s revenue was down 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.38 earnings per share. Analysts anticipate that Teekay Tankers Ltd. will post 12.65 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The business 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. This represents a $1.00 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Monday, August 12th. Teekay Tankers’s dividend payout ratio is presently 7.79%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com initiated coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating for the company. Jefferies Financial Group restated a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a research note on Thursday, August 1st. Bank of America lowered 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. Finally, Evercore ISI upped their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $76.67.

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.