Oxbow Advisors LLC Takes $4.07 Million Position in Teekay Tankers Ltd. $TNK

Key Points

• Oxbow Advisors LLC has purchased a new stake of approximately $4.07 million in Teekay Tankers Ltd. (NYSE: TNK), acquiring 97,654 shares, which amounts to around 0.28% of the company's stock as reported to the SEC.
• Teekay Tankers reported a quarterly EPS of $1.41, missing the analysts' consensus estimate of $1.59, with revenue also falling short at $154.23 million.
• The shipping company declared a quarterly dividend of $0.25, representing an annualized dividend of $1.00 and a yield of 1.9%.

Oxbow Advisors LLC purchased a new stake in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 97,654 shares of the shipping company's stock, valued at approximately $4,074,000. Oxbow Advisors LLC owned about 0.28% of Teekay Tankers as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Encompass Capital Advisors LLC purchased a new stake in Teekay Tankers in the 1st quarter worth approximately $17,210,000. Pacer Advisors Inc. purchased a new stake in Teekay Tankers in the 1st quarter worth approximately $11,986,000. Nuveen LLC purchased a new stake in Teekay Tankers in the 1st quarter worth approximately $8,702,000. Millennium Management LLC increased its holdings in Teekay Tankers by 24.9% in the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company's stock worth $9,745,000 after acquiring an additional 50,815 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company's stock worth $3,200,000 after acquiring an additional 43,258 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company's stock.

Teekay Tankers Stock Performance

NYSE TNK opened at $52.50 on Friday. The company has a market capitalization of $1.80 billion, a P/E ratio of 6.52 and a beta of -0.07. Teekay Tankers Ltd. has a one year low of $33.35 and a one year high of $56.44. The stock has a 50 day moving average price of $49.87 and a 200-day moving average price of $45.41.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing analysts' consensus estimates of $1.59 by ($0.18). The firm 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 prior year, the company posted $3.11 earnings per share. As a group, equities analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TNK shares. Zacks Research raised shares of Teekay Tankers from a "strong sell" rating to a "hold" rating in a report on Monday, September 8th. Jefferies Financial Group restated a "buy" rating and issued a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, July 31st. Weiss Ratings restated a "hold (c+)" rating on shares of Teekay Tankers in a research note on Wednesday, October 8th. Finally, Clarkson Capital upgraded Teekay Tankers to a "strong-buy" rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Teekay Tankers currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.67.

About Teekay Tankers

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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