Empirical Financial Services LLC d.b.a. Empirical Wealth Management Acquires New Position in Teekay Tankers Ltd. $TNK

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,264 shares of the shipping company’s stock, valued at approximately $708,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Teekay Tankers by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,799,113 shares of the shipping company’s stock valued at $90,947,000 after acquiring an additional 35,131 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Teekay Tankers by 6.7% during the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after purchasing an additional 67,186 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after purchasing an additional 136,990 shares during the period. Summit Street Capital Management LLC grew its position in shares of Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares during the period. Finally, Millennium Management LLC increased its stake in Teekay Tankers by 24.9% in the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after purchasing an additional 50,815 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TNK shares. Dnb Carnegie lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Evercore reiterated an “outperform” rating and set a $84.00 price objective on shares of Teekay Tankers in a report on Friday, February 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Teekay Tankers currently has an average rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Trading Down 0.1%

Shares of TNK opened at $76.91 on Friday. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $82.24. The firm has a market capitalization of $2.66 billion, a P/E ratio of 7.62 and a beta of -0.28. The stock’s fifty day simple moving average is $70.00 and its 200 day simple moving average is $61.05.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. The firm had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 earnings per share. Sell-side analysts predict that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.25 per share. The ex-dividend date was Monday, March 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Teekay Tankers’s payout ratio is presently 9.91%.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.