Teekay Tankers (NYSE:TNK) Hits New 52-Week Low – Here’s Why

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TNK shares. StockNews.com started coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. 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 research report on Wednesday, November 13th. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reduced their price objective on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. One 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Stock Performance

The company has a market cap of $1.31 billion, a P/E ratio of 3.13, a P/E/G ratio of 1.14 and a beta of -0.39. The business has a fifty day simple moving average of $47.26 and a 200 day simple moving average of $56.87.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.62%. Teekay Tankers’s payout ratio is 8.21%.

Institutional Trading of Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Teekay Tankers by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 187,115 shares of the shipping company’s stock valued at $10,929,000 after buying an additional 15,537 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Teekay Tankers by 16.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,833 shares of the shipping company’s stock worth $400,000 after purchasing an additional 964 shares during the last quarter. Blue Trust Inc. boosted its position in 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 purchasing an additional 172 shares during the period. Nisa Investment Advisors LLC grew its stake in Teekay Tankers by 11,234.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,307 shares of the shipping company’s stock worth $296,000 after buying an additional 4,269 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after buying an additional 456 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

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.