Farther Finance Advisors LLC Reduces Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Farther Finance Advisors LLC reduced its stake in Teekay Tankers Ltd. (NYSE:TNK) by 10.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,114 shares of the shipping company’s stock after selling 680 shares during the period. Farther Finance Advisors LLC’s holdings in Teekay Tankers were worth $356,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of TNK. Blue Trust Inc. raised its stake in Teekay Tankers by 14.7% in the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares during the last quarter. Custom Index Systems LLC raised its stake in shares of Teekay Tankers by 4.0% in the third quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company’s stock worth $329,000 after purchasing an additional 216 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Teekay Tankers by 5.3% during the third quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock worth $322,000 after purchasing an additional 277 shares during the period. Commonwealth Equity Services LLC boosted its position in Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after buying an additional 323 shares during the last quarter. Finally, EntryPoint Capital LLC increased its holdings in Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after buying an additional 378 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Wall Street Analyst Weigh In

TNK has been the subject of a number of research reports. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Evercore ISI boosted their price objective on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $72.00 target price on shares of Teekay Tankers in a report on Thursday, October 31st. Bank of America cut Teekay Tankers from a “buy” rating to a “neutral” rating and reduced their price target for the company from $57.00 to $51.00 in a research report on Friday, November 1st. Finally, StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.33.

Teekay Tankers Stock Up 0.1 %

Shares of TNK opened at $46.75 on Friday. Teekay Tankers Ltd. has a 52-week low of $44.79 and a 52-week high of $74.20. The stock has a fifty day simple moving average of $54.59 and a two-hundred day simple moving average of $60.87. The company has a market capitalization of $1.60 billion, a PE ratio of 3.84, a price-to-earnings-growth ratio of 1.36 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Tuesday, November 12th. Teekay Tankers’s payout ratio is 8.21%.

About Teekay Tankers

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.