Teekay Tankers (NYSE:TNK) Reaches New 12-Month Low – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $35.94 and last traded at $36.23, with a volume of 45047 shares traded. The stock had previously closed at $36.65.

Analyst Upgrades and Downgrades

Several research firms recently commented on TNK. Jefferies Financial Group reaffirmed a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday, February 20th. Bank of America reiterated an “underperform” rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Teekay Tankers Trading Down 3.1 %

The stock has a market cap of $1.22 billion, a PE ratio of 3.14 and a beta of -0.44. The firm’s 50-day moving average price is $41.25 and its two-hundred day moving average price is $46.28.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. The business had revenue of $163.42 million for the quarter, compared to the consensus estimate of $158.26 million. Teekay Tankers had a return on equity of 20.67% and a net margin of 34.55%. On average, analysts anticipate that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Monday, March 3rd. Teekay Tankers’s payout ratio is currently 8.83%.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently made changes to their positions in the business. FMR LLC increased its holdings in shares of Teekay Tankers by 9.2% during the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after acquiring an additional 124,659 shares in the last quarter. American Century Companies Inc. raised its position in shares of Teekay Tankers by 7.8% during the 4th quarter. American Century Companies Inc. now owns 914,657 shares of the shipping company’s stock worth $36,394,000 after purchasing an additional 66,332 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Teekay Tankers by 9.7% during the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after acquiring an additional 80,217 shares during the period. Renaissance Technologies LLC boosted its position in shares of Teekay Tankers by 1.8% during the 4th quarter. Renaissance Technologies LLC now owns 602,412 shares of the shipping company’s stock valued at $23,970,000 after acquiring an additional 10,900 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Teekay Tankers by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 349,161 shares of the shipping company’s stock valued at $13,893,000 after purchasing an additional 8,814 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.