Chicago Equity Partners LLC Buys New Holdings in Teekay Tankers Ltd. (TNK)
Chicago Equity Partners LLC bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 519,638 shares of the shipping company’s stock, valued at approximately $842,000. Chicago Equity Partners LLC owned about 0.29% of Teekay Tankers at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of TNK. Huber Capital Management LLC boosted its stake in Teekay Tankers by 12.4% in the 2nd quarter. Huber Capital Management LLC now owns 14,563,834 shares of the shipping company’s stock valued at $27,380,000 after purchasing an additional 1,602,809 shares during the period. California Public Employees Retirement System boosted its stake in Teekay Tankers by 1,094.2% in the 1st quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock valued at $3,090,000 after purchasing an additional 1,380,930 shares during the period. Northern Trust Corp boosted its stake in Teekay Tankers by 75.7% in the 2nd quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock valued at $5,821,000 after purchasing an additional 1,334,417 shares during the period. Dimensional Fund Advisors LP boosted its stake in Teekay Tankers by 21.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,889,137 shares of the shipping company’s stock valued at $12,073,000 after purchasing an additional 1,042,375 shares during the period. Finally, Municipal Employees Retirement System of Michigan bought a new stake in Teekay Tankers in the 2nd quarter valued at $630,000. 40.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of Teekay Tankers Ltd. (NYSE:TNK) opened at $1.43 on Thursday. Teekay Tankers Ltd. has a one year low of $1.37 and a one year high of $2.78. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.67 and a quick ratio of 0.80.
Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, November 9th. The shipping company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $91.20 million during the quarter, compared to the consensus estimate of $68.67 million. Teekay Tankers had a negative return on equity of 0.99% and a negative net margin of 11.43%. The company’s revenue was down 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) EPS. sell-side analysts anticipate that Teekay Tankers Ltd. will post -0.12 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 20th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 8.39%. Teekay Tankers’s payout ratio is -42.86%.
Teekay Tankers announced that its board has authorized a share repurchase plan on Friday, September 15th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the shipping company to repurchase up to 16.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
Several analysts recently issued reports on the company. Bank of America Corporation reduced their price target on Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating for the company in a research note on Friday, November 10th. Zacks Investment Research upgraded Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. BidaskClub downgraded Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 13th. TheStreet downgraded Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Finally, ValuEngine downgraded Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company has an average rating of “Sell” and a consensus price target of $1.60.
Teekay Tankers Profile
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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