Denali Advisors LLC Acquires 38,849 Shares of Teekay Tankers Ltd. $TNK

Key Points

• Denali Advisors LLC increased its holdings in Teekay Tankers Ltd. by 45.7% during the second quarter, owning approximately 0.36% of the company worth $5.165 million after acquiring an additional 38,849 shares.
• Analysts have recently upgraded Teekay Tankers’ stock ratings, with Zacks upping it from "strong sell" to "hold" and Jefferies lifting its price target to $66.00 with a "buy" rating.
• The company announced a quarterly dividend of $0.25 per share, reflecting an annualized dividend yield of 1.9%, with a current payout ratio of 12.42%.

Denali Advisors LLC boosted its holdings in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 45.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,798 shares of the shipping company's stock after buying an additional 38,849 shares during the quarter. Denali Advisors LLC owned approximately 0.36% of Teekay Tankers worth $5,165,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TNK. Blue Trust Inc. raised its holdings in Teekay Tankers by 49.3% during the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock worth $66,000 after purchasing an additional 568 shares during the last quarter. Highland Capital Management LLC bought a new position in Teekay Tankers during the 1st quarter worth approximately $286,000. Allspring Global Investments Holdings LLC raised its holdings in Teekay Tankers by 0.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,123 shares of the shipping company's stock worth $1,459,000 after purchasing an additional 285 shares during the last quarter. Kendall Capital Management raised its holdings in Teekay Tankers by 7.9% during the 1st quarter. Kendall Capital Management now owns 19,390 shares of the shipping company's stock worth $742,000 after purchasing an additional 1,425 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Teekay Tankers by 9.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 10,371 shares of the shipping company's stock worth $397,000 after purchasing an additional 865 shares during the last quarter. Institutional investors own 52.67% of the company's stock.

Analysts Set New Price Targets

TNK has been the subject of several research analyst reports. Zacks Research upgraded shares of Teekay Tankers from a "strong sell" rating to a "hold" rating in a research note on Monday, September 8th. Clarkson Capital raised shares of Teekay Tankers to a "strong-buy" rating in a research report on Wednesday, October 8th. Jefferies Financial Group lifted their price target on shares of Teekay Tankers from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Monday. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Teekay Tankers in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Teekay Tankers presently has an average rating of "Moderate Buy" and an average target price of $54.33.

Teekay Tankers Price Performance

TNK opened at $53.72 on Wednesday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 6.67 and a beta of -0.07. The firm's fifty day moving average price is $50.48 and its two-hundred day moving average price is $45.84. Teekay Tankers Ltd. has a 1 year low of $33.35 and a 1 year high of $56.48.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.59 by ($0.18). The company had revenue of $154.23 million for the quarter, compared to the consensus estimate of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same quarter in the previous year, the company posted $3.11 EPS. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.00 annualized dividend and a yield of 1.9%. Teekay Tankers's payout ratio is currently 12.42%.

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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