Teekay Tankers (NYSE:TNK) Trading Down 3.9% – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s share price was down 3.9% on Wednesday . The company traded as low as $50.72 and last traded at $51.20. Approximately 64,368 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 350,485 shares. The stock had previously closed at $53.27.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TNK. Bank of America dropped their target price on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. StockNews.com initiated coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price target on shares of Teekay Tankers in a research note on Thursday, August 1st. Evercore ISI upped their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Fearnley Fonds upgraded 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 hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $76.67.

Teekay Tankers Stock Down 5.4 %

The firm has a market cap of $1.73 billion, a PE ratio of 3.93, a P/E/G ratio of 1.39 and a beta of -0.33. The firm has a 50-day moving average price of $56.52 and a two-hundred day moving average price of $61.68.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The firm had revenue of $296.60 million during the quarter, compared to analysts’ expectations of $192.19 million. During the same quarter in the previous year, the business posted $4.38 EPS. The company’s revenue for the quarter was down 20.0% on a year-over-year basis. Research analysts forecast that Teekay Tankers Ltd. will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.98%. Teekay Tankers’s payout ratio is presently 7.79%.

Institutional Investors Weigh In On Teekay Tankers

A number of large investors have recently made changes to their positions in TNK. Allspring Global Investments Holdings LLC boosted its stake in Teekay Tankers by 7.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company’s stock worth $1,288,000 after buying an additional 1,567 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Teekay Tankers by 600.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 11,200 shares of the shipping company’s stock valued at $654,000 after acquiring an additional 9,600 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Teekay Tankers by 8.1% in the first quarter. Empowered Funds LLC now owns 139,392 shares of the shipping company’s stock valued at $8,142,000 after purchasing an additional 10,500 shares during the period. SG Americas Securities LLC grew its holdings in shares of Teekay Tankers by 485.2% in the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after purchasing an additional 247,489 shares during the period. Finally, Significant Wealth Partners LLC acquired a new stake in Teekay Tankers during the first quarter worth about $386,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

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.