Teekay Tankers (NYSE:TNK) Reaches New 1-Year Low – Here’s Why

Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low on Wednesday . The company traded as low as $38.33 and last traded at $38.40, with a volume of 50006 shares changing hands. The stock had previously closed at $39.25.

Analysts Set New Price Targets

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

Teekay Tankers Stock Performance

The company has a market capitalization of $1.33 billion, a P/E ratio of 3.22, a PEG ratio of 1.15 and a beta of -0.39. The stock has a 50 day moving average price of $48.16 and a 200 day moving average price of $57.14.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Institutional Trading of Teekay Tankers

Hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp increased its holdings in Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after acquiring an additional 456 shares during the last quarter. Quarry LP purchased a new position in shares of Teekay Tankers in the second quarter worth about $43,000. CWM LLC increased its stake in shares of Teekay Tankers by 96.8% in the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after purchasing an additional 482 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Teekay Tankers by 14.7% during the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock valued at $92,000 after buying an additional 172 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new position in Teekay Tankers in the 3rd quarter worth approximately $132,000. 52.67% of the stock is currently owned by institutional investors.

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.