Teekay Tankers (NYSE:TNK) Hits New 1-Year Low – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $36.33 and last traded at $36.88, with a volume of 33626 shares changing hands. The stock had previously closed at $37.18.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. StockNews.com initiated coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating on the stock. Bank of America reiterated an “underperform” rating and issued 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 decreased their price target 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. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Stock Performance

The business has a 50-day moving average of $45.42 and a 200-day moving average of $55.78. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 3.13, a P/E/G ratio of 1.13 and a beta of -0.39.

Teekay Tankers Announces Dividend

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 of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TNK. Fifth Third Bancorp lifted its position in shares of Teekay Tankers by 266.7% during the 2nd 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 last quarter. Quarry LP acquired a new position in Teekay Tankers during the second quarter worth about $43,000. CWM LLC boosted its position in 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 in the last quarter. Blue Trust Inc. increased its holdings 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 acquiring an additional 172 shares in the last quarter. Finally, Millburn Ridgefield Corp purchased a new stake in Teekay Tankers in the 3rd quarter valued at approximately $132,000. Hedge funds and other institutional investors 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.