Teekay Tankers (NYSE:TNK) Sets New 1-Year Low – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $40.74 and last traded at $40.74, with a volume of 24586 shares. The stock had previously closed at $41.73.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TNK. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group reduced their price target 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. Bank of America reiterated an “underperform” rating and set a $46.00 price objective (down from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Finally, StockNews.com initiated coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. One investment 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 company’s stock. According to data from MarketBeat, Teekay Tankers has an average rating of “Moderate Buy” and a consensus price target of $63.67.

Teekay Tankers Price Performance

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 3.41, a PEG ratio of 1.24 and a beta of -0.32. The firm’s fifty day moving average is $52.19 and its 200 day moving average is $59.71.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.41%. Teekay Tankers’s dividend payout ratio is 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently made changes to their positions in TNK. Fifth Third Bancorp raised its position in Teekay Tankers by 266.7% during the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after acquiring an additional 456 shares in the last quarter. Quarry LP acquired a new position in shares of Teekay Tankers during the 2nd quarter worth $43,000. EntryPoint Capital LLC raised its holdings in shares of Teekay Tankers by 76.5% during the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after purchasing an additional 378 shares in the last quarter. CWM LLC lifted its stake in shares of Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 482 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.