JPMorgan Chase & Co. Decreases Holdings in Teekay Tankers Ltd. (NYSE:TNK)

JPMorgan Chase & Co. cut its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 24.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 261,192 shares of the shipping company’s stock after selling 85,771 shares during the period. JPMorgan Chase & Co.’s holdings in Teekay Tankers were worth $15,214,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in TNK. Dimensional Fund Advisors LP raised its stake in Teekay Tankers by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock valued at $141,723,000 after purchasing an additional 13,330 shares in the last quarter. FMR LLC increased its position in shares of Teekay Tankers by 9.2% during the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after buying an additional 124,659 shares during the period. Principal Financial Group Inc. grew its stake in Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after purchasing an additional 80,217 shares during the period. American Century Companies Inc. grew its holdings in Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after purchasing an additional 93,788 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after acquiring an additional 123,500 shares during the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TNK. Jefferies Financial Group lowered their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Bank of America reaffirmed an “underperform” rating and issued a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. StockNews.com assumed coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating for the company. Finally, Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $45.49 on Friday. Teekay Tankers Ltd. has a 1-year low of $36.04 and a 1-year high of $74.20. The business’s 50 day moving average is $41.23 and its two-hundred day moving average is $52.65. The stock has a market capitalization of $1.56 billion, a P/E ratio of 3.73, a PEG ratio of 1.13 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is currently 8.21%.

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.