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

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low during trading on Monday . The company traded as low as $44.68 and last traded at $44.85, with a volume of 80228 shares changing hands. The stock had previously closed at $45.49.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. StockNews.com started coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. Bank of America reissued 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. Jefferies Financial Group reiterated a “buy” rating and issued a $72.00 price target on shares of Teekay Tankers in a research note on Thursday, October 31st. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Evercore ISI lifted their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $67.67.

Teekay Tankers Stock Down 0.2 %

The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 3.62, a P/E/G ratio of 1.28 and a beta of -0.32. The stock has a fifty day moving average of $53.93 and a 200-day moving average of $60.66.

Teekay Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, November 12th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.27%. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Trading of Teekay Tankers

A number of large investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its holdings in Teekay Tankers by 41.3% in the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after buying an additional 273,530 shares in the last quarter. FMR LLC grew its holdings in Teekay Tankers by 9.2% in the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after purchasing an additional 124,659 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after buying an additional 123,500 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Teekay Tankers by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after buying an additional 93,788 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Teekay Tankers by 9.7% in the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after acquiring an additional 80,217 shares during the last quarter. Institutional investors and hedge funds 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.