TIAA CREF Investment Management LLC Cuts Position in Teekay Tankers Ltd. (TNK)

TIAA CREF Investment Management LLC reduced its position in Teekay Tankers Ltd. (NYSE:TNK) by 66.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 319,558 shares of the shipping company’s stock after selling 619,030 shares during the period. TIAA CREF Investment Management LLC owned about 0.19% of Teekay Tankers worth $601,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TNK. Parametric Portfolio Associates LLC grew its stake in Teekay Tankers by 19.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 146,641 shares of the shipping company’s stock worth $301,000 after acquiring an additional 23,438 shares during the period. JPMorgan Chase & Co. grew its stake in Teekay Tankers by 2,453.3% in the 1st quarter. JPMorgan Chase & Co. now owns 79,636 shares of the shipping company’s stock worth $163,000 after acquiring an additional 76,517 shares during the period. American International Group Inc. grew its stake in Teekay Tankers by 7.0% in the 1st quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock worth $147,000 after acquiring an additional 4,720 shares during the period. California Public Employees Retirement System grew its stake in Teekay Tankers by 1,094.2% in the 1st quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock worth $3,090,000 after acquiring an additional 1,380,930 shares during the period. Finally, Geode Capital Management LLC grew its stake in Teekay Tankers by 49.5% in the 1st quarter. Geode Capital Management LLC now owns 694,384 shares of the shipping company’s stock worth $1,422,000 after acquiring an additional 229,796 shares during the period. 40.33% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on TNK. TheStreet cut shares of Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. BidaskClub raised shares of Teekay Tankers from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. ValuEngine cut shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Bank of America Corporation lowered their price objective on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating for the company in a research note on Friday, November 10th. Four research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company currently has a consensus rating of “Sell” and a consensus price target of $1.60.

Shares of Teekay Tankers Ltd. (TNK) opened at $1.43 on Friday. Teekay Tankers Ltd. has a 12 month low of $1.37 and a 12 month high of $2.78. The company has a current ratio of 0.67, a quick ratio of 0.80 and a debt-to-equity ratio of 0.73.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Teekay Tankers had a negative net margin of 11.43% and a negative return on equity of 0.99%. The company had revenue of $91.20 million during the quarter, compared to analysts’ expectations of $68.67 million. During the same period in the previous year, the company earned ($0.01) EPS. The business’s quarterly revenue was down 16.8% compared to the same quarter last year. sell-side analysts forecast that Teekay Tankers Ltd. will post -0.12 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 20th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.12 annualized dividend and a dividend yield of 8.39%. Teekay Tankers’s dividend payout ratio is presently -42.86%.

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Teekay Tankers Profile

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.

Institutional Ownership by Quarter for Teekay Tankers (NYSE:TNK)

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