Cornercap Investment Counsel Inc. Takes $503,000 Position in Teekay Tankers Ltd. (NYSE:TNK)

Cornercap Investment Counsel Inc. acquired a new stake in shares of Teekay Tankers Ltd. (NYSE:TNK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,637 shares of the shipping company’s stock, valued at approximately $503,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in TNK. Victory Capital Management Inc. grew its position in Teekay Tankers by 261.7% in the 3rd quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company’s stock worth $2,655,000 after purchasing an additional 32,983 shares in the last quarter. Entropy Technologies LP bought a new stake in Teekay Tankers in the 3rd quarter worth about $269,000. Versor Investments LP bought a new stake in Teekay Tankers in the 3rd quarter worth about $720,000. CWA Asset Management Group LLC bought a new stake in Teekay Tankers in the 3rd quarter worth about $377,000. Finally, Summit Global Investments grew its position in Teekay Tankers by 14.8% in the 3rd quarter. Summit Global Investments now owns 24,927 shares of the shipping company’s stock worth $1,452,000 after purchasing an additional 3,208 shares in the last quarter. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Price Performance

Shares of NYSE TNK 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 stock has a market cap of $1.48 billion, a P/E ratio of 3.55, a price-to-earnings-growth ratio of 1.28 and a beta of -0.32. The firm has a 50-day moving average of $53.35 and a 200 day moving average of $60.34.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Analyst Upgrades and Downgrades

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

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.