Cornercap Investment Counsel Inc. Purchases Shares of 8,637 Teekay Tankers Ltd. (NYSE:TNK)

Cornercap Investment Counsel Inc. bought a new position in Teekay Tankers Ltd. (NYSE:TNK) during the 3rd quarter, Holdings Channel.com reports. The fund bought 8,637 shares of the shipping company’s stock, valued at approximately $503,000.

Several other hedge funds have also recently modified their holdings of TNK. Acadian Asset Management LLC lifted its holdings in shares of Teekay Tankers by 41.3% in the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after buying an additional 273,530 shares in the last quarter. Renaissance Technologies LLC increased its position in Teekay Tankers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after acquiring an additional 123,500 shares during the last quarter. American Century Companies Inc. increased its position in Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after acquiring an additional 93,788 shares during the last quarter. Principal Financial Group Inc. increased its position in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after acquiring an additional 80,217 shares during the last quarter. Finally, Shariaportfolio Inc. bought a new position in shares of Teekay Tankers in the third quarter worth about $3,498,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TNK shares. Evercore ISI upped their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group cut their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday. Bank of America restated an “underperform” rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a report on Wednesday. StockNews.com started coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating on the stock. Finally, Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $43.21 on Friday. Teekay Tankers Ltd. has a 1 year low of $43.17 and a 1 year high of $74.20. The firm’s 50-day moving average is $53.35 and its two-hundred day moving average is $60.34. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 3.55, a PEG ratio of 1.28 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.31%. The ex-dividend date is Tuesday, November 12th. Teekay Tankers’s payout ratio is 8.21%.

Teekay Tankers Company 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.