Harvey Capital Management Inc. Trims Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Harvey Capital Management Inc. lowered its position in Teekay Tankers Ltd. (NYSE:TNK) by 76.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,285 shares of the shipping company’s stock after selling 30,910 shares during the period. Harvey Capital Management Inc.’s holdings in Teekay Tankers were worth $369,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of TNK. CWM LLC lifted its stake in Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 482 shares during the period. R Squared Ltd purchased a new stake in Teekay Tankers in the fourth quarter valued at $41,000. Millburn Ridgefield Corp purchased a new stake in Teekay Tankers in the third quarter valued at $132,000. US Bancorp DE acquired a new stake in Teekay Tankers during the 3rd quarter worth about $231,000. Finally, ClearAlpha Technologies LP purchased a new position in shares of Teekay Tankers during the 3rd quarter valued at about $255,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Stock Up 0.1 %

TNK stock opened at $42.21 on Wednesday. The firm has a market cap of $1.45 billion, a P/E ratio of 3.47, a PEG ratio of 1.98 and a beta of -0.43. Teekay Tankers Ltd. has a 52-week low of $36.04 and a 52-week high of $74.20. The company’s 50-day simple moving average is $40.96 and its 200-day simple moving average is $48.71.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group lowered their target price on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Bank of America restated an “underperform” rating and issued a $46.00 price objective (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Teekay Tankers presently has an average rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers 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.