Millennium Management LLC Buys New Stake in Teekay Tankers Ltd. (NYSE:TNK)

Millennium Management LLC purchased a new position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 203,826 shares of the shipping company's stock, valued at approximately $8,110,000. Millennium Management LLC owned approximately 0.59% of Teekay Tankers as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. R Squared Ltd bought a new position in shares of Teekay Tankers during the fourth quarter worth about $41,000. Meeder Asset Management Inc. acquired a new position in shares of Teekay Tankers in the 4th quarter worth approximately $77,000. New Age Alpha Advisors LLC bought a new stake in Teekay Tankers in the fourth quarter worth approximately $132,000. BNP Paribas Financial Markets bought a new stake in shares of Teekay Tankers in the 4th quarter valued at $143,000. Finally, Steward Partners Investment Advisory LLC increased its stake in Teekay Tankers by 7.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,219 shares of the shipping company's stock valued at $168,000 after purchasing an additional 286 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Stock Up 0.0%

Teekay Tankers stock traded up $0.01 during mid-day trading on Friday, reaching $43.76. 114,110 shares of the company's stock traded hands, compared to its average volume of 396,748. Teekay Tankers Ltd. has a 12-month low of $33.35 and a 12-month high of $74.20. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 3.87 and a beta of -0.10. The stock has a 50 day moving average of $41.20 and a two-hundred day moving average of $40.79.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The shipping company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.53 by ($0.32). The company had revenue of $115.64 million during the quarter, compared to the consensus estimate of $146.31 million. Teekay Tankers had a return on equity of 20.67% and a net margin of 34.55%. The company's revenue for the quarter was down 37.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.23 earnings per share. As a group, sell-side analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Increases Dividend

The company also recently declared a -- dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 19th will be issued a $1.00 dividend. This is a positive change from Teekay Tankers's previous -- dividend of $0.25. This represents a yield of 2.3%. The ex-dividend date of this dividend is Monday, May 19th. Teekay Tankers's payout ratio is currently 10.72%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TNK. Evercore ISI dropped their price objective on Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Jefferies Financial Group restated a "buy" rating and set a $55.00 target price on shares of Teekay Tankers in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Teekay Tankers presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

Teekay Tankers Company 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.