New York State Common Retirement Fund Cuts Position in Teekay Tankers Ltd. $TNK

New York State Common Retirement Fund lowered its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 21.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,802 shares of the shipping company’s stock after selling 8,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Teekay Tankers were worth $1,608,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. grew its holdings in shares of Teekay Tankers by 4.1% in the 2nd quarter. Franklin Resources Inc. now owns 122,728 shares of the shipping company’s stock worth $5,120,000 after acquiring an additional 4,830 shares during the period. Y Intercept Hong Kong Ltd boosted its position in Teekay Tankers by 89.7% during the second quarter. Y Intercept Hong Kong Ltd now owns 24,693 shares of the shipping company’s stock worth $1,030,000 after purchasing an additional 11,675 shares in the last quarter. CWM LLC grew its holdings in Teekay Tankers by 124.2% in the second quarter. CWM LLC now owns 7,803 shares of the shipping company’s stock valued at $326,000 after purchasing an additional 4,323 shares during the last quarter. American Century Companies Inc. grew its holdings in Teekay Tankers by 7.5% in the second quarter. American Century Companies Inc. now owns 1,010,177 shares of the shipping company’s stock valued at $42,145,000 after purchasing an additional 70,578 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Teekay Tankers by 4.0% in the second quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after buying an additional 14,052 shares in the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TNK has been the topic of several recent research reports. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Jefferies Financial Group lifted their target price on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Evercore increased 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, Teekay Tankers currently has a consensus rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Trading Up 3.6%

NYSE TNK opened at $66.73 on Monday. The business’s 50-day moving average price is $57.71 and its 200 day moving average price is $54.37. Teekay Tankers Ltd. has a twelve month low of $33.35 and a twelve month high of $67.20. The company has a market capitalization of $2.30 billion, a PE ratio of 7.41 and a beta of -0.27.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.