Millennium Management LLC Acquires Shares of 203,826 Teekay Tankers Ltd. (NYSE:TNK)

Millennium Management LLC bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 203,826 shares of the shipping company’s stock, valued at approximately $8,110,000. Millennium Management LLC owned approximately 0.59% of Teekay Tankers as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in TNK. Barclays PLC boosted its holdings in shares of Teekay Tankers by 273.7% in the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock valued at $1,833,000 after acquiring an additional 23,051 shares during the period. Franklin Resources Inc. purchased a new stake in Teekay Tankers in the 4th quarter valued at $5,131,000. ABC Arbitrage SA acquired a new stake in Teekay Tankers during the 4th quarter worth $372,000. Proficio Capital Partners LLC purchased a new position in Teekay Tankers during the 4th quarter worth $629,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Teekay Tankers in the fourth quarter valued at $310,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Trading Up 2.9%

Shares of Teekay Tankers stock opened at $44.54 on Monday. The business’s fifty day moving average price is $40.81 and its 200 day moving average price is $40.76. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $74.20. The stock has a market capitalization of $1.53 billion, a P/E ratio of 3.93 and a beta of -0.10.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, May 7th. The shipping company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.32). Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The firm had revenue of $115.64 million during the quarter, compared to analyst estimates of $146.31 million. During the same period in the prior year, the firm earned $4.23 earnings per share. The business’s revenue for the quarter was down 37.1% on a year-over-year basis. As a group, sell-side analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Increases Dividend

The firm also recently declared a — dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 19th will be issued a $1.00 dividend. This is a positive change from Teekay Tankers’s previous — dividend of $0.25. The ex-dividend date of this dividend is Monday, May 19th. This represents a yield of 2.3%. Teekay Tankers’s dividend payout ratio (DPR) is presently 10.72%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TNK shares. Evercore ISI decreased their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group reiterated a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Teekay Tankers presently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

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.