Envestnet Asset Management Inc. Takes $378,000 Position in Teekay Tankers Ltd. (NYSE:TNK)

Envestnet Asset Management Inc. bought a new stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,506 shares of the shipping company's stock, valued at approximately $378,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Teekay Tankers by 273.7% during the 3rd quarter. Barclays PLC now owns 31,472 shares of the shipping company's stock worth $1,833,000 after acquiring an additional 23,051 shares during the period. Principal Financial Group Inc. boosted its position in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company's stock worth $52,815,000 after purchasing an additional 80,217 shares during the period. Exchange Traded Concepts LLC boosted its position in Teekay Tankers by 41.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 7,712 shares of the shipping company's stock worth $307,000 after purchasing an additional 2,248 shares during the period. Linden Thomas Advisory Services LLC increased its stake in shares of Teekay Tankers by 21.7% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 12,398 shares of the shipping company's stock worth $493,000 after purchasing an additional 2,211 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Teekay Tankers during the 4th quarter valued at approximately $41,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TNK has been the topic of a number of analyst reports. Evercore ISI lowered their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group reissued a "buy" rating and set a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $46.18 on Tuesday. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 4.08 and a beta of -0.10. Teekay Tankers Ltd. has a one year low of $33.35 and a one year high of $74.20. The firm has a fifty day moving average price of $38.66 and a two-hundred day moving average price of $41.11.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Wednesday, February 19th. The shipping company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.49 by $0.01. Teekay Tankers had a return on equity of 20.67% and a net margin of 34.55%. The business had revenue of $163.42 million during the quarter, compared to analysts' expectations of $158.26 million. Equities research analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Monday, March 3rd. Teekay Tankers's dividend payout ratio is currently 8.83%.

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.

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