Shariaportfolio Inc. Makes New $3.50 Million Investment in Teekay Tankers Ltd. (NYSE:TNK)

by · The Markets Daily

Shariaportfolio Inc. bought a new position in Teekay Tankers Ltd. (NYSE:TNK – Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,056 shares of the shipping company’s stock, valued at approximately $3,498,000. Teekay Tankers makes up approximately 1.9% of Shariaportfolio Inc.’s investment portfolio, making the stock its 11th biggest position. Shariaportfolio Inc. owned approximately 0.18% of Teekay Tankers at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Teekay Tankers by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock worth $141,723,000 after acquiring an additional 13,330 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Teekay Tankers by 41.3% during the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after acquiring an additional 273,530 shares during the last quarter. American Century Companies Inc. boosted its position in Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after buying an additional 93,788 shares during the last quarter. Renaissance Technologies LLC boosted its position in Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after buying an additional 123,500 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its position 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 buying an additional 10,500 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Price Performance

Shares of TNK stock opened at $54.87 on Tuesday. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 4.27, a PEG ratio of 1.39 and a beta of -0.33. The stock has a 50 day simple moving average of $56.56 and a 200-day simple moving average of $61.76. Teekay Tankers Ltd. has a 1-year low of $42.01 and a 1-year high of $74.20.

Teekay Tankers (NYSE:TNK – Get Free Report) last announced its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. During the same period in the previous year, the company earned $4.38 earnings per share. The company’s quarterly revenue was down 20.0% compared to the same quarter last year. Analysts anticipate that Teekay Tankers Ltd. will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 1.82%. The ex-dividend date was Monday, August 12th. Teekay Tankers’s dividend payout ratio is currently 7.79%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TNK shares. StockNews.com began coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price target on shares of Teekay Tankers in a report on Thursday, August 1st. Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Bank of America decreased their price target on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $76.67.

Get Our Latest Analysis on TNK

Teekay Tankers Company Profile

(Free Report)

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.

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