Empirical Financial Services LLC d.b.a. Empirical Wealth Management Makes New Investment in Teekay Tankers Ltd. $TNK

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Teekay Tankers Ltd. (NYSE:TNK) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 13,264 shares of the shipping company’s stock, valued at approximately $708,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TNK. Ameriprise Financial Inc. boosted its position in Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after purchasing an additional 136,990 shares during the period. Qube Research & Technologies Ltd increased its holdings in Teekay Tankers by 182.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 120,122 shares of the shipping company’s stock valued at $6,072,000 after purchasing an additional 77,574 shares in the last quarter. Shariaportfolio Inc. purchased a new position in Teekay Tankers in the third quarter valued at about $3,440,000. American Century Companies Inc. raised its position in Teekay Tankers by 6.7% in the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock valued at $54,461,000 after purchasing an additional 67,186 shares during the period. Finally, Summit Street Capital Management LLC lifted its stake in shares of Teekay Tankers by 14.4% during the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock worth $25,360,000 after purchasing an additional 63,125 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TNK. Wall Street Zen downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $77.00.

Teekay Tankers Price Performance

NYSE:TNK opened at $76.91 on Friday. The firm has a 50-day moving average of $70.00 and a two-hundred day moving average of $61.05. The stock has a market cap of $2.66 billion, a P/E ratio of 7.62 and a beta of -0.28. Teekay Tankers Ltd. has a 1-year low of $33.35 and a 1-year high of $82.24.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business had revenue of $258.27 million for the quarter, compared to analyst estimates of $179.70 million. During the same period in the previous year, the company earned $1.50 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. As a group, equities analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is 9.91%.

About Teekay Tankers

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.