Teekay Tankers Ltd. (NYSE:TNK) Stock Holdings Trimmed by DAVENPORT & Co LLC

DAVENPORT & Co LLC lowered its holdings in shares of Teekay Tankers Ltd. (NYSE:TNKFree Report) by 51.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,172 shares of the shipping company’s stock after selling 239,827 shares during the period. DAVENPORT & Co LLC owned approximately 0.65% of Teekay Tankers worth $11,102,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Ritholtz Wealth Management bought a new stake in Teekay Tankers during the 4th quarter valued at $219,000. Raymond James & Associates bought a new stake in shares of Teekay Tankers in the 4th quarter worth $566,000. SG Americas Securities LLC raised its stake in shares of Teekay Tankers by 1,167.5% in the 4th quarter. SG Americas Securities LLC now owns 51,003 shares of the shipping company’s stock worth $2,549,000 after buying an additional 46,979 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its stake in shares of Teekay Tankers by 6.7% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 25,320 shares of the shipping company’s stock worth $1,265,000 after buying an additional 1,596 shares in the last quarter. Finally, Diversified Trust Co bought a new stake in shares of Teekay Tankers in the 4th quarter worth $235,000. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $59.86 on Wednesday. Teekay Tankers Ltd. has a 1-year low of $35.00 and a 1-year high of $64.42. The company has a current ratio of 4.40, a quick ratio of 4.02 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 4.03, a P/E/G ratio of 1.42 and a beta of -0.28. The stock’s fifty day simple moving average is $57.03 and its 200-day simple moving average is $51.62.

Teekay Tankers (NYSE:TNKGet Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The shipping company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.81). Teekay Tankers had a net margin of 37.65% and a return on equity of 36.16%. The business had revenue of $194.46 million for the quarter, compared to analysts’ expectations of $219.93 million. On average, sell-side analysts predict that Teekay Tankers Ltd. will post 14.28 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, March 4th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.67%. Teekay Tankers’s dividend payout ratio is 6.73%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Evercore ISI dropped their price objective on Teekay Tankers from $77.00 to $73.00 and set an “outperform” rating on the stock in a research note on Friday, February 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $70.00 target price on shares of Teekay Tankers in a research report on Thursday, February 22nd. Bank of America raised Teekay Tankers from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $56.00 to $72.00 in a research report on Friday, January 19th. Finally, StockNews.com raised Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st.

Get Our Latest Report on TNK

Teekay Tankers Company Profile

(Free Report)

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

Further Reading

Institutional Ownership by Quarter for Teekay Tankers (NYSE:TNK)

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