Teekay Tankers (NYSE:TNK) Shares Gap Down – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) shares gapped down before the market opened on Tuesday . The stock had previously closed at $47.16, but opened at $46.20. Teekay Tankers shares last traded at $46.13, with a volume of 75,847 shares traded.

Wall Street Analysts Forecast Growth

TNK has been the topic of a number of research analyst reports. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Bank of America reissued an “underperform” rating and set a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Jefferies Financial Group lowered their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, StockNews.com assumed coverage on Teekay Tankers in a report 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 issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Performance

The stock has a 50 day moving average price of $41.26 and a two-hundred day moving average price of $51.88. The company has a market capitalization of $1.60 billion, a PE ratio of 3.83, a P/E/G ratio of 1.98 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew 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 purchasing an additional 80,217 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Teekay Tankers by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 317,987 shares of the shipping company’s stock worth $18,542,000 after purchasing an additional 2,403 shares in the last quarter. Barclays PLC grew its holdings in shares of Teekay Tankers by 273.7% during the 3rd quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock worth $1,833,000 after purchasing an additional 23,051 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of Teekay Tankers during the 3rd quarter worth approximately $835,000. Finally, Systematic Financial Management LP grew its holdings in shares of Teekay Tankers by 15.0% during the 3rd quarter. Systematic Financial Management LP now owns 180,780 shares of the shipping company’s stock worth $10,530,000 after purchasing an additional 23,589 shares in the last quarter. 52.67% of the stock is owned by institutional investors.

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.