Teekay Tankers Ltd. (NYSE:TNK) Sees Large Drop in Short Interest

Teekay Tankers Ltd. (NYSE:TNK) was the recipient of a significant decrease in short interest in June. As of June 15th, there was short interest totalling 482,200 shares, a decrease of 24.9% from the May 31st total of 642,100 shares. Approximately 2.0% of the company’s stock are short sold. Based on an average trading volume of 311,100 shares, the days-to-cover ratio is presently 1.5 days.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock traded down $1.77 on Friday, reaching $68.81. 422,723 shares of the company were exchanged, compared to its average volume of 274,025. Teekay Tankers has a 1-year low of $36.06 and a 1-year high of $74.20. The company has a market cap of $2.36 billion, a P/E ratio of 4.87, a price-to-earnings-growth ratio of 1.60 and a beta of -0.23. The stock’s 50 day moving average price is $67.24 and its 200-day moving average price is $59.82.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, May 9th. The shipping company reported $3.86 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.16. Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The business had revenue of $221.81 million during the quarter. On average, research analysts predict that Teekay Tankers will post 14.69 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently declared a None dividend, which was paid on Friday, May 31st. Investors of record on Tuesday, May 21st were issued a $2.25 dividend. This represents a yield of 1.5%. The ex-dividend date of this dividend was Monday, May 20th. Teekay Tankers’s dividend payout ratio (DPR) is 7.07%.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Partners boosted its holdings in Teekay Tankers by 160.0% in the first quarter. Boston Partners now owns 35,822 shares of the shipping company’s stock valued at $2,092,000 after purchasing an additional 22,043 shares in the last quarter. Tidal Investments LLC boosted its holdings in Teekay Tankers by 18.4% in the first quarter. Tidal Investments LLC now owns 13,605 shares of the shipping company’s stock valued at $795,000 after purchasing an additional 2,115 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in Teekay Tankers by 3.5% in the first quarter. Bridgeway Capital Management LLC now owns 311,392 shares of the shipping company’s stock valued at $18,188,000 after purchasing an additional 10,500 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Teekay Tankers by 16.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,833 shares of the shipping company’s stock valued at $400,000 after purchasing an additional 964 shares in the last quarter. Finally, BOKF NA acquired a new position in Teekay Tankers in the first quarter valued at approximately $271,000. 52.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TNK shares. StockNews.com raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Friday, May 17th. Jefferies Financial Group lifted their price target on Teekay Tankers from $70.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Bank of America lifted their price target on Teekay Tankers from $66.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 10th.

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.