Franklin Resources Inc. Boosts Position in Teekay Tankers Ltd. $TNK

Franklin Resources Inc. raised its stake in Teekay Tankers Ltd. (NYSE:TNK) by 4.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 122,728 shares of the shipping company’s stock after acquiring an additional 4,830 shares during the period. Franklin Resources Inc.’s holdings in Teekay Tankers were worth $5,120,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Teekay Tankers by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after buying an additional 394 shares in the last quarter. TD Private Client Wealth LLC lifted its position in Teekay Tankers by 13.0% in the second quarter. TD Private Client Wealth LLC now owns 2,084 shares of the shipping company’s stock valued at $87,000 after acquiring an additional 240 shares during the last quarter. U S Global Investors Inc. acquired a new position in Teekay Tankers in the second quarter valued at $158,000. Cornerstone Investment Partners LLC purchased a new position in shares of Teekay Tankers during the second quarter worth about $201,000. Finally, ProShare Advisors LLC purchased a new position in shares of Teekay Tankers during the second quarter worth about $206,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Stock Down 3.7%

NYSE TNK opened at $55.53 on Tuesday. The stock has a market capitalization of $1.92 billion, a P/E ratio of 6.17 and a beta of -0.11. Teekay Tankers Ltd. has a 52-week low of $33.35 and a 52-week high of $63.71. The firm has a 50-day moving average price of $56.49 and a 200 day moving average price of $49.80.

Teekay Tankers (NYSE:TNK) last released its earnings results on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.04. The company had revenue of $229.02 million for the quarter, compared to analysts’ expectations of $133.65 million. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. On average, equities research analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Monday, November 10th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, November 10th. Teekay Tankers’s dividend payout ratio is currently 11.11%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TNK shares. Zacks Research raised Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Tuesday, November 25th. Evercore ISI upped their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Finally, Jefferies Financial Group increased their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $65.00.

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.