Teekay Tankers Ltd. (NYSE:TNK) Sees Large Drop in Short Interest

Teekay Tankers Ltd. (NYSE:TNK) saw a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 482,200 shares, a drop of 24.9% from the May 31st total of 642,100 shares. Currently, 2.0% of the company’s shares are short sold. Based on an average daily volume of 311,100 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bridgeway Capital Management LLC increased its holdings in Teekay Tankers by 4.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 300,892 shares of the shipping company’s stock worth $15,036,000 after purchasing an additional 11,605 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Teekay Tankers by 1,167.5% in the 4th quarter. SG Americas Securities LLC now owns 51,003 shares of the shipping company’s stock worth $2,549,000 after buying an additional 46,979 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Teekay Tankers by 666.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,495 shares of the shipping company’s stock worth $62,000 after buying an additional 1,300 shares in the last quarter. Strs Ohio raised its position in shares of Teekay Tankers by 55.2% during the fourth quarter. Strs Ohio now owns 14,900 shares of the shipping company’s stock worth $744,000 after purchasing an additional 5,300 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Teekay Tankers during the fourth quarter worth $451,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Stock Performance

Shares of NYSE:TNK traded down $1.77 during mid-day trading on Friday, hitting $68.81. 422,723 shares of the company traded hands, compared to its average volume of 274,025. The firm has a market cap of $2.36 billion, a P/E ratio of 4.87, a PEG ratio of 1.60 and a beta of -0.23. Teekay Tankers has a 52-week low of $36.06 and a 52-week high of $74.20. The firm’s 50 day simple moving average is $67.24 and its 200 day simple moving average is $59.82.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, May 9th. The shipping company reported $3.86 EPS for the quarter, beating the consensus estimate of $3.70 by $0.16. Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The business had revenue of $221.81 million for the quarter. Equities research analysts expect that Teekay Tankers will post 14.69 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a None dividend, which was paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st were issued a dividend of $2.25 per share. The ex-dividend date was Monday, May 20th. This represents a yield of 1.5%. Teekay Tankers’s dividend payout ratio is presently 7.07%.

Analyst Ratings Changes

A number of equities analysts have recently commented on TNK shares. Bank of America raised their price objective on Teekay Tankers from $66.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Jefferies Financial Group raised their target price on Teekay Tankers from $70.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, StockNews.com upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a report on Friday, May 17th.

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.