Teekay Tankers (NYSE:TNK) Earns Underperform Rating from Bank of America

Bank of America reissued their underperform rating on shares of Teekay Tankers (NYSE:TNK) in a research note released on Wednesday morning, MarketBeat Ratings reports. They currently have a $46.00 price objective on the shipping company’s stock, down from their previous price objective of $51.00.

TNK has been the topic of several other research reports. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Evercore ISI lifted their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $72.00 price target on shares of Teekay Tankers in a report on Thursday, October 31st. Finally, StockNews.com assumed coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $43.21 on Wednesday. Teekay Tankers has a 1-year low of $43.17 and a 1-year high of $74.20. The company 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’s 50 day simple moving average is $53.35 and its two-hundred day simple moving average is $60.34.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds have recently modified their holdings of TNK. Blue Trust Inc. increased its position 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 during the last quarter. Custom Index Systems LLC increased its position in Teekay Tankers by 4.0% in the third quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company’s stock worth $329,000 after purchasing an additional 216 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Teekay Tankers by 5.3% in the third quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock worth $322,000 after purchasing an additional 277 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock worth $276,000 after purchasing an additional 323 shares during the last quarter. Finally, EntryPoint Capital LLC increased its position in Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after purchasing an additional 378 shares during the last quarter. 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.