California State Teachers Retirement System boosted its stake in shares of Teekay Tankers Ltd. (NYSE:TNK) by 59.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 320,529 shares of the shipping company’s stock after acquiring an additional 120,000 shares during the quarter. California State Teachers Retirement System owned approximately 0.18% of Teekay Tankers worth $449,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Mangrove Partners bought a new stake in Teekay Tankers during the 4th quarter worth about $133,000. The Manufacturers Life Insurance Company grew its holdings in Teekay Tankers by 16.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 107,413 shares of the shipping company’s stock worth $202,000 after acquiring an additional 15,304 shares during the last quarter. American International Group Inc. grew its holdings in Teekay Tankers by 67.6% during the 4th quarter. American International Group Inc. now owns 137,048 shares of the shipping company’s stock worth $192,000 after acquiring an additional 55,258 shares during the last quarter. Vanguard Group Inc. grew its holdings in Teekay Tankers by 6.6% during the 2nd quarter. Vanguard Group Inc. now owns 287,429 shares of the shipping company’s stock worth $540,000 after acquiring an additional 17,907 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Teekay Tankers by 41.5% in the 3rd quarter. Wells Fargo & Company MN now owns 336,234 shares of the shipping company’s stock valued at $545,000 after purchasing an additional 98,673 shares during the last quarter. 47.63% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on TNK shares. DNB Markets raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Tuesday, March 6th. Seaport Global Securities set a $3.00 target price on shares of Teekay Tankers and gave the company a “buy” rating in a research note on Thursday, January 4th. Morgan Stanley reduced their target price on shares of Teekay Tankers from $2.00 to $1.30 and set an “equal weight” rating on the stock in a research note on Monday, February 12th. ValuEngine lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. Finally, UBS raised shares of Teekay Tankers from a “sell” rating to a “neutral” rating and reduced their target price for the company from $1.26 to $1.00 in a research note on Monday, February 26th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $1.72.
Teekay Tankers (NYSE:TNK) last issued its earnings results on Thursday, February 22nd. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $105.20 million for the quarter, compared to analyst estimates of $87.10 million. Teekay Tankers had a negative net margin of 13.78% and a negative return on equity of 2.16%. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. analysts expect that Teekay Tankers Ltd. will post -0.18 EPS for the current year.
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Teekay Tankers Company Profile
Teekay Tankers Ltd. engages in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. The company also provides ship-to-ship transfer services, including lightering and lightering support, consultancy, and LNG terminal management services.
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