Cornerstone Investment Partners LLC Makes New Investment in Teekay Tankers Ltd. $TNK

Cornerstone Investment Partners LLC purchased a new stake in shares of Teekay Tankers Ltd. (NYSE:TNK) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 4,813 shares of the shipping company’s stock, valued at approximately $201,000.

Several other hedge funds have also bought and sold shares of TNK. Fuller & Thaler Asset Management Inc. grew its stake in Teekay Tankers by 1.5% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,238,898 shares of the shipping company’s stock worth $47,413,000 after buying an additional 18,222 shares in the last quarter. American Century Companies Inc. raised its position in shares of Teekay Tankers by 2.7% during the 1st quarter. American Century Companies Inc. now owns 939,599 shares of the shipping company’s stock valued at $35,958,000 after buying an additional 24,942 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Teekay Tankers during the 1st quarter worth $17,210,000. Bridgeway Capital Management LLC grew its position in Teekay Tankers by 0.9% in the first quarter. Bridgeway Capital Management LLC now owns 352,374 shares of the shipping company’s stock worth $13,485,000 after acquiring an additional 3,213 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Teekay Tankers in the first quarter worth $11,986,000. 52.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TNK. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Teekay Tankers in a research report on Wednesday, October 8th. Zacks Research raised Teekay Tankers from a “strong sell” rating to a “hold” rating in a report on Monday, September 8th. Jefferies Financial Group upped their target price on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Evercore ISI increased their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Teekay Tankers Price Performance

TNK opened at $61.05 on Friday. The stock’s 50 day simple moving average is $53.71 and its 200 day simple moving average is $47.69. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 6.78 and a beta of -0.11. Teekay Tankers Ltd. has a 1 year low of $33.35 and a 1 year high of $61.88.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.04. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The firm had revenue of $115.21 million during the quarter, compared to analyst estimates of $133.65 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Monday, November 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.00 annualized dividend and a yield of 1.6%. Teekay Tankers’s dividend payout ratio is presently 11.11%.

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.