Connor Clark & Lunn Investment Management Ltd. Sells 35,389 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in Teekay Tankers Ltd. (NYSE:TNK) by 89.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,278 shares of the shipping company’s stock after selling 35,389 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Teekay Tankers were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in Teekay Tankers by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock valued at $141,723,000 after buying an additional 13,330 shares during the period. Acadian Asset Management LLC increased its stake in shares of Teekay Tankers by 41.3% in the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after acquiring an additional 273,530 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Teekay Tankers by 9.7% during the 3rd 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 period. American Century Companies Inc. boosted its stake 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 worth $49,495,000 after acquiring an additional 93,788 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after purchasing an additional 123,500 shares during the period. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

TNK stock opened at $40.25 on Monday. The business has a 50-day simple moving average of $50.66 and a two-hundred day simple moving average of $58.79. The company has a market capitalization of $1.38 billion, a P/E ratio of 3.30, a price-to-earnings-growth ratio of 1.20 and a beta of -0.32. Teekay Tankers Ltd. has a 52-week low of $39.84 and a 52-week high of $74.20.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.48%. Teekay Tankers’s payout ratio is 8.21%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Bank of America reiterated an “underperform” rating and issued a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. StockNews.com started coverage on Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating on the stock. Finally, Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

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.