USA Financial Portformulas Corp acquired a new position in Teekay Tankers Ltd. (NYSE:TNK – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 3,893 shares of the shipping company's stock, valued at approximately $107,000.
Other hedge funds also recently made changes to their positions in the company. Martingale Asset Management L P boosted its holdings in shares of Teekay Tankers by 10.1% in the first quarter. Martingale Asset Management L P now owns 23,014 shares of the shipping company's stock worth $320,000 after buying an additional 2,102 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Teekay Tankers by 2.5% in the first quarter. Vanguard Group Inc. now owns 98,450 shares of the shipping company's stock worth $1,363,000 after buying an additional 2,394 shares during the period. Amalgamated Bank acquired a new position in shares of Teekay Tankers in the first quarter worth about $40,000. Rhumbline Advisers boosted its holdings in shares of Teekay Tankers by 20.7% in the first quarter. Rhumbline Advisers now owns 32,864 shares of the shipping company's stock worth $455,000 after buying an additional 5,639 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of Teekay Tankers in the first quarter worth about $159,000. Institutional investors and hedge funds own 28.74% of the company's stock.
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Wall Street Analyst Weigh In
Several brokerages have commented on TNK. Jefferies Financial Group raised their target price on shares of Teekay Tankers from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, November 29th. StockNews.com cut shares of Teekay Tankers from a "buy" rating to a "hold" rating in a report on Tuesday, November 29th. Finally, Bank of America upgraded shares of Teekay Tankers from an "underperform" rating to a "neutral" rating in a report on Thursday, November 3rd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $44.00.
Teekay Tankers Stock Performance
TNK stock opened at $30.81 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.45 and a current ratio of 1.82. The stock has a market cap of $1.04 billion, a P/E ratio of 25.05, a P/E/G ratio of 1.84 and a beta of -0.08. The firm has a 50 day simple moving average of $32.50 and a 200 day simple moving average of $26.85. Teekay Tankers Ltd. has a 52 week low of $9.89 and a 52 week high of $36.61.
Teekay Tankers (NYSE:TNK – Get Rating) last posted its earnings results on Thursday, November 3rd. The shipping company reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.81 by ($0.11). The business had revenue of $144.37 million during the quarter, compared to analyst estimates of $154.19 million. Teekay Tankers had a net margin of 5.01% and a return on equity of 5.19%. Research analysts anticipate that Teekay Tankers Ltd. will post 5.59 earnings per share for the current fiscal year.
Teekay Tankers Company Profile
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Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.
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