Teekay Tankers (NYSE:TNK) Trading Down 5.6% – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK) shares fell 5.6% during trading on Thursday . The company traded as low as $44.88 and last traded at $44.68. 615,699 shares changed hands during trading, a decline of 1% from the average session volume of 621,497 shares. The stock had previously closed at $47.31.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TNK. StockNews.com began coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group dropped 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, November 14th. Finally, Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Trading Down 2.1 %

The stock’s fifty day moving average price is $41.18 and its 200 day moving average price is $51.65. The stock has a market cap of $1.50 billion, a P/E ratio of 3.58, a PEG ratio of 1.98 and a beta of -0.40.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Trading of Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its stake in Teekay Tankers by 9.2% during the 3rd quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after purchasing an additional 124,659 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after buying an additional 80,217 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Teekay Tankers by 31.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 306,732 shares of the shipping company’s stock valued at $17,867,000 after acquiring an additional 72,798 shares in the last quarter. Shariaportfolio Inc. purchased a new position in Teekay Tankers in the 3rd quarter worth approximately $3,498,000. Finally, Merewether Investment Management LP bought a new position in Teekay Tankers in the 2nd quarter valued at approximately $3,832,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.