Massachusetts Financial Services Co. MA Trims Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Massachusetts Financial Services Co. MA cut its stake in Teekay Tankers Ltd. (NYSE:TNK) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 45,652 shares of the shipping company’s stock after selling 1,105 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.13% of Teekay Tankers worth $2,659,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TNK. Acadian Asset Management LLC grew its position in shares of Teekay Tankers by 41.3% in the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after purchasing an additional 273,530 shares in the last quarter. Renaissance Technologies LLC grew its position in Teekay Tankers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after buying an additional 123,500 shares in the last quarter. American Century Companies Inc. grew its position in Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after buying an additional 93,788 shares in the last quarter. Principal Financial Group Inc. grew 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 buying an additional 80,217 shares in the last quarter. Finally, Shariaportfolio Inc. purchased a new position in Teekay Tankers during the third quarter worth about $3,498,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Trading Down 1.0 %

NYSE TNK opened at $41.10 on Wednesday. Teekay Tankers Ltd. has a 1-year low of $40.71 and a 1-year high of $74.20. The stock has a 50-day moving average of $51.89 and a 200-day moving average of $59.51. The firm has a market cap of $1.41 billion, a PE ratio of 3.37, a price-to-earnings-growth ratio of 1.24 and a beta of -0.32.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Wall Street Analyst Weigh In

TNK has been the subject of several research analyst reports. Jefferies Financial Group dropped their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Bank of America reaffirmed an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. StockNews.com initiated coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Finally, Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

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.