Millburn Ridgefield Corp Makes New Investment in Teekay Tankers Ltd. (NYSE:TNK)

Millburn Ridgefield Corp bought a new stake in Teekay Tankers Ltd. (NYSE:TNK) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,267 shares of the shipping company’s stock, valued at approximately $132,000.

A number of other hedge funds have also made changes to their positions in TNK. Fifth Third Bancorp increased its position in Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares during the last quarter. Quarry LP bought a new position in Teekay Tankers during the second quarter valued at approximately $43,000. CWM LLC lifted its stake in Teekay Tankers by 96.8% in the third 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 last quarter. Blue Trust Inc. grew its position in Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares in the last quarter. Finally, Contravisory Investment Management Inc. acquired a new position in shares of Teekay Tankers during the 2nd quarter worth $204,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Teekay Tankers Trading Up 4.4 %

TNK opened at $41.65 on Wednesday. Teekay Tankers Ltd. has a 1-year low of $39.22 and a 1-year high of $74.20. The business has a 50 day moving average of $50.33 and a 200-day moving average of $58.47. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 3.42, a P/E/G ratio of 1.19 and a beta of -0.39.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.40%. Teekay Tankers’s dividend payout ratio is 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.