Teekay Tankers (NYSE:TNK) Stock Price Up 6.5% – Here’s Why

Teekay Tankers Ltd. (NYSE:TNK) traded up 6.5% during mid-day trading on Tuesday . The stock traded as high as $42.67 and last traded at $42.50. 142,764 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 378,193 shares. The stock had previously closed at $39.91.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TNK. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Bank of America reiterated an “underperform” rating and set a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Jefferies Financial Group reduced their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Finally, StockNews.com assumed coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

Teekay Tankers Price Performance

The company’s 50 day simple moving average is $41.34 and its 200 day simple moving average is $52.72. The stock has a market cap of $1.44 billion, a P/E ratio of 3.46, a P/E/G ratio of 1.13 and a beta of -0.40.

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 issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.37%. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in shares of Teekay Tankers in the second quarter valued at about $1,775,000. Foundry Partners LLC boosted its holdings in Teekay Tankers by 89.3% during the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company’s stock worth $6,156,000 after purchasing an additional 49,853 shares during the last quarter. Barclays PLC grew its position in Teekay Tankers by 273.7% in the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock valued at $1,833,000 after purchasing an additional 23,051 shares in the last quarter. Shariaportfolio Inc. acquired a new position in shares of Teekay Tankers during the 3rd quarter worth about $3,498,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock valued at $5,633,000 after acquiring an additional 11,535 shares in the last quarter. 52.67% of the stock is currently 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.