Merewether Investment Management LP Sells 4,800 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Merewether Investment Management LP trimmed its position in shares of Teekay Tankers Ltd. (NYSE:TNK) by 8.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,885 shares of the shipping company’s stock after selling 4,800 shares during the quarter. Merewether Investment Management LP owned approximately 0.15% of Teekay Tankers worth $2,964,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after acquiring an additional 456 shares during the last quarter. Quarry LP acquired a new position in shares of Teekay Tankers during the second quarter worth $43,000. CWM LLC grew its stake in shares of Teekay Tankers by 96.8% in 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 last quarter. Blue Trust Inc. increased its holdings 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 purchasing an additional 172 shares during the period. Finally, Millburn Ridgefield Corp bought a new position in Teekay Tankers during the 3rd quarter worth $132,000. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TNK shares. StockNews.com started coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group cut their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Teekay Tankers has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Stock Up 4.4 %

NYSE TNK opened at $41.65 on Wednesday. Teekay Tankers Ltd. has a 52 week low of $39.22 and a 52 week high of $74.20. The business has a 50 day moving average price of $50.33 and a 200-day moving average price of $58.47. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 3.42, a P/E/G ratio of 1.19 and a beta of -0.39.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s payout ratio is presently 8.21%.

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.