Entropy Technologies LP Invests $269,000 in Teekay Tankers Ltd. (NYSE:TNK)

Entropy Technologies LP acquired a new stake in shares of Teekay Tankers Ltd. (NYSE:TNK) in the third quarter, Holdings Channel reports. The fund acquired 4,615 shares of the shipping company’s stock, valued at approximately $269,000.

A number of other institutional investors have also recently added to or reduced their stakes in TNK. Sanctuary Advisors LLC bought a new stake in Teekay Tankers in the second quarter valued at $1,775,000. Shariaportfolio Inc. bought a new stake in Teekay Tankers in the 3rd quarter valued at about $3,498,000. O Shaughnessy Asset Management LLC boosted its stake in Teekay Tankers by 51.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,846 shares of the shipping company’s stock valued at $3,379,000 after purchasing an additional 19,752 shares during the period. Bank of New York Mellon Corp boosted its stake in Teekay Tankers by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock valued at $5,633,000 after purchasing an additional 11,535 shares during the period. Finally, Unison Advisors LLC bought a new position in Teekay Tankers in the 3rd quarter worth about $740,000. 52.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TNK has been the subject of several analyst reports. Evercore ISI boosted their price objective on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reduced their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Bank of America reiterated an “underperform” rating and issued a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday. Finally, StockNews.com initiated coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

NYSE TNK opened at $43.21 on Friday. The company has a market capitalization of $1.48 billion, a P/E ratio of 3.55, a PEG ratio of 1.28 and a beta of -0.32. Teekay Tankers Ltd. has a 12 month low of $43.17 and a 12 month high of $74.20. The company’s 50 day simple moving average is $53.35 and its 200 day simple moving average is $60.34.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 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.