Coatue Management LLC acquired a new stake in Teekay Tankers Ltd. (NYSE:TNK) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 684,621 shares of the shipping company’s stock, valued at approximately $8,777,000.
A number of other hedge funds and other institutional investors have also modified their holdings of TNK. Pinnacle Holdings LLC acquired a new stake in Teekay Tankers in the 1st quarter valued at about $32,000. Altshuler Shaham Ltd acquired a new stake in shares of Teekay Tankers during the 1st quarter worth about $51,000. Edge Wealth Management LLC acquired a new stake in shares of Teekay Tankers during the 2nd quarter worth about $58,000. Meeder Asset Management Inc. boosted its stake in shares of Teekay Tankers by 271.8% during the 1st quarter. Meeder Asset Management Inc. now owns 4,064 shares of the shipping company’s stock worth $90,000 after purchasing an additional 2,971 shares during the last quarter. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Teekay Tankers during the 1st quarter worth about $103,000. 28.45% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on TNK. Zacks Investment Research cut shares of Teekay Tankers from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 21st. Fearnley Fonds cut shares of Teekay Tankers from a “buy” rating to a “hold” rating and set a $15.00 price target on the stock. in a research note on Tuesday, June 2nd. BofA Securities cut shares of Teekay Tankers from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $20.00 to $14.00 in a research report on Friday, August 14th. DNB Markets raised shares of Teekay Tankers from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, May 28th. Finally, Bank of America cut shares of Teekay Tankers from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $20.00 to $14.00 in a research report on Friday, August 14th. Four investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.50.
NYSE TNK traded up $0.23 during mid-day trading on Friday, hitting $11.62. The company’s stock had a trading volume of 702,760 shares, compared to its average volume of 819,492. Teekay Tankers Ltd. has a 52-week low of $8.72 and a 52-week high of $26.92. The stock’s fifty day simple moving average is $13.94 and its two-hundred day simple moving average is $16.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.88 and a quick ratio of 1.71. The firm has a market capitalization of $391.07 million, a P/E ratio of 1.58, a price-to-earnings-growth ratio of 0.62 and a beta of 0.05.
Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, August 13th. The shipping company reported $2.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.90 by ($0.51). Teekay Tankers had a net margin of 23.10% and a return on equity of 24.00%. On average, equities analysts forecast that Teekay Tankers Ltd. will post 6.22 earnings per share for the current fiscal year.
Teekay Tankers Profile
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.
Further Reading: Bull Market
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