Bank of New York Mellon Corp Lowers Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Bank of New York Mellon Corp cut its stake in Teekay Tankers Ltd. (NYSE:TNK) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,309 shares of the shipping company’s stock after selling 575 shares during the period. Bank of New York Mellon Corp’s holdings in Teekay Tankers were worth $2,479,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC increased its stake in Teekay Tankers by 9.2% in the 3rd quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after purchasing an additional 124,659 shares in the last quarter. Principal Financial Group Inc. raised its stake in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after buying an additional 80,217 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Teekay Tankers by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 317,987 shares of the shipping company’s stock valued at $18,542,000 after buying an additional 2,403 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Teekay Tankers by 31.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 306,732 shares of the shipping company’s stock worth $17,867,000 after purchasing an additional 72,798 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Teekay Tankers during the 4th quarter worth about $7,248,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reaffirmed a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a research note on Thursday, February 20th. One 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Teekay Tankers Trading Up 1.1 %

NYSE TNK opened at $39.97 on Friday. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 3.53 and a beta of -0.44. The stock’s 50 day moving average is $40.78 and its two-hundred day moving average is $45.42. Teekay Tankers Ltd. has a 1-year low of $35.23 and a 1-year high of $74.20.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The business had revenue of $163.42 million during the quarter, compared to analyst estimates of $158.26 million. On average, 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 14th. Shareholders of record on Monday, March 3rd were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.50%. The ex-dividend date was Monday, March 3rd. Teekay Tankers’s payout ratio is 8.83%.

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.