Teekay Tankers’ (TNK) “Underperform” Rating Reiterated at Bank of America

Bank of America restated their underperform rating on shares of Teekay Tankers (NYSE:TNK) in a research report sent to investors on Wednesday morning, MarketBeat reports. Bank of America currently has a $46.00 price objective on the shipping company’s stock, down from their prior price objective of $51.00.

Other analysts also recently issued research reports about the stock. Evercore ISI raised their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. 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 restated a “buy” rating and issued a $72.00 target price on shares of Teekay Tankers in a research report on Thursday, October 31st. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Teekay Tankers has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Trading Down 3.6 %

Shares of TNK opened at $43.22 on Wednesday. Teekay Tankers has a 12-month low of $43.17 and a 12-month high of $74.20. The firm has a market capitalization of $1.48 billion, a P/E ratio of 3.55, a P/E/G ratio of 1.28 and a beta of -0.32. The firm has a 50-day moving average price of $53.35 and a 200 day moving average price of $60.32.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Teekay Tankers by 0.8% during the third quarter. Geode Capital Management LLC now owns 317,987 shares of the shipping company’s stock worth $18,542,000 after purchasing an additional 2,403 shares during the period. Barclays PLC grew its holdings in shares of Teekay Tankers by 273.7% in the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock valued at $1,833,000 after purchasing an additional 23,051 shares in the last quarter. Wexford Capital LP purchased a new stake in Teekay Tankers during the 3rd quarter worth approximately $835,000. Systematic Financial Management LP lifted its holdings in Teekay Tankers by 15.0% during the 3rd quarter. Systematic Financial Management LP now owns 180,780 shares of the shipping company’s stock worth $10,530,000 after buying an additional 23,589 shares in the last quarter. Finally, Millburn Ridgefield Corp purchased a new position in Teekay Tankers in the 3rd quarter valued at approximately $132,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

About Teekay Tankers

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.