Oxbow Advisors LLC Makes New Investment in Teekay Tankers Ltd. $TNK

Oxbow Advisors LLC bought a new position in Teekay Tankers Ltd. (NYSE:TNK) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 97,654 shares of the shipping company’s stock, valued at approximately $4,074,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TNK. Encompass Capital Advisors LLC purchased a new stake in Teekay Tankers in the first quarter worth $17,210,000. Pacer Advisors Inc. purchased a new position in shares of Teekay Tankers during the first quarter valued at $11,986,000. Nuveen LLC purchased a new position in shares of Teekay Tankers during the first quarter valued at $8,702,000. Millennium Management LLC increased its stake in shares of Teekay Tankers by 24.9% during the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after buying an additional 50,815 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Teekay Tankers by 107.2% during the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after buying an additional 43,258 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $52.50 on Friday. Teekay Tankers Ltd. has a fifty-two week low of $33.35 and a fifty-two week high of $56.44. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 6.52 and a beta of -0.07. The stock’s 50-day simple moving average is $49.87 and its 200-day simple moving average is $45.41.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.18). Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.The business had revenue of $154.23 million for the quarter, compared to analysts’ expectations of $162.67 million. During the same quarter in the previous year, the firm posted $3.11 EPS. As a group, equities analysts forecast 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, August 22nd. Investors of record on Monday, August 11th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. Teekay Tankers’s payout ratio is 12.42%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TNK. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Teekay Tankers in a research note on Wednesday, October 8th. Jefferies Financial Group restated a “buy” rating and set a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, July 31st. Finally, Zacks Research upgraded Teekay Tankers from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

About Teekay Tankers

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.