Is Teekay Tankers Ltd. (TNK) A Good Stock To Buy?

With a general bullishness amongst the heavyweights, key hedge funds have been driving this bullishness. Pine River Capital Management initiated the biggest position in Teekay Tankers Ltd. (NYSE:TNK). Pine River Capital Management had $17.5 million invested in the company at the end of the quarter. Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management also made a $14.6 million investment in the stock during the quarter. The following funds were also among the new Teekay Tankers Ltd. (NYSE:TNK) investors: Steve Cohen’s Point72 Asset Management, Daniel Gold’s QVT Financial, and Lorem Ipsum Management.

Let’s now review hedge fund activity in other stocks similar to Teekay Tankers Ltd. (NYSE:TNK). These stocks are Rentrak Corporation (NASDAQ:RENT), Barracuda Networks Inc (NYSE:CUDA), Erin Energy Corp (NYSEMKT:ERN), and Greenlight Capital Re, Ltd. (NASDAQ:GLRE). This group of stocks’ market caps matches Teekay Tankers Ltd. (NYSE:TNK)’s market cap.

As you can see, these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $47 million. That figure was $208 million in Teekay Tankers Ltd. (NYSE:TNK)’s case. Rentrak Corporation (NASDAQ:RENT) is the most popular stock in this table. On the other hand, Erin Energy Corp (NYSEMKT:ERN) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks, Teekay Tankers Ltd. (NYSE:TNK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.