Teekay Tankers (NYSE:TNK) Stock Price Down 3.5% – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price dropped 3.5% on Friday . The company traded as low as $39.95 and last traded at $39.64. Approximately 28,664 shares were traded during trading, a decline of 95% from the average daily volume of 570,179 shares. The stock had previously closed at $41.08.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TNK shares. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com initiated coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Bank of America reiterated an “underperform” rating and set a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group decreased their price objective on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Teekay Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 3.26, a PEG ratio of 1.79 and a beta of -0.40. The firm has a fifty day moving average of $40.95 and a 200 day moving average of $50.91.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors 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 2.51%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Trading of Teekay Tankers

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sei Investments Co. lifted its position in Teekay Tankers by 9.2% in the second quarter. Sei Investments Co. now owns 79,243 shares of the shipping company’s stock valued at $5,453,000 after buying an additional 6,652 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Teekay Tankers by 6.5% in the 2nd quarter. AQR Capital Management LLC now owns 45,735 shares of the shipping company’s stock worth $3,147,000 after acquiring an additional 2,781 shares during the last quarter. Quarry LP purchased a new position in shares of Teekay Tankers during the 2nd quarter worth approximately $43,000. Sanctuary Advisors LLC purchased a new stake in Teekay Tankers in the second quarter valued at approximately $1,775,000. Finally, SG Americas Securities LLC raised its position in Teekay Tankers by 8.6% in the third quarter. SG Americas Securities LLC now owns 261,589 shares of the shipping company’s stock valued at $15,238,000 after purchasing an additional 20,790 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

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.