Jefferies Financial Group Cuts Teekay Tankers (NYSE:TNK) Price Target to $60.00

Teekay Tankers (NYSE:TNK) had its price target reduced by Jefferies Financial Group from $72.00 to $60.00 in a research report released on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the shipping company’s stock.

Several other equities analysts also recently issued reports on TNK. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Evercore ISI boosted 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. Bank of America reissued an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday. Finally, StockNews.com began coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Trading Down 3.6 %

TNK stock opened at $43.21 on Thursday. Teekay Tankers has a twelve month low of $43.17 and a twelve month high of $74.20. The company has a market capitalization of $1.48 billion, a P/E ratio of 3.55, a PEG ratio of 1.29 and a beta of -0.32. The firm has a 50 day simple moving average of $53.35 and a 200-day simple moving average of $60.34.

Teekay Tankers Announces Dividend

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

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently made changes to their positions in the company. Fifth Third Bancorp lifted its stake in Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the period. Quarry LP acquired a new position in Teekay Tankers in the second quarter valued at about $43,000. EntryPoint Capital LLC lifted its stake in Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after buying an additional 378 shares during the period. CWM LLC raised its position in shares of Teekay Tankers by 96.8% during the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after purchasing an additional 482 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Teekay Tankers by 14.7% during 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 period. 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.