Teekay Tankers (NYSE:TNK) Shares Gap Down – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) shares gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

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

Teekay Tankers Price Performance

The stock’s fifty day moving average price is $41.21 and its 200 day moving average price is $52.06. The stock has a market capitalization of $1.58 billion, a P/E ratio of 3.77, a PEG ratio of 1.13 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s payout ratio is presently 8.21%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in Teekay Tankers during the 2nd quarter worth about $43,000. CWM LLC grew its holdings in Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after acquiring an additional 482 shares in the last quarter. Millburn Ridgefield Corp bought a new position in Teekay Tankers during the 3rd quarter worth about $132,000. US Bancorp DE bought a new position in Teekay Tankers during the 3rd quarter worth about $231,000. Finally, ClearAlpha Technologies LP bought a new position in Teekay Tankers during the 3rd quarter worth about $255,000. 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.