Teekay Tankers (NYSE:TNK) Shares Down 5.6% – Here’s Why

Teekay Tankers Ltd. (NYSE:TNK) fell 5.6% during mid-day trading on Thursday . The company traded as low as $44.88 and last traded at $44.68. 615,699 shares changed hands during trading, a decline of 1% from the average session volume of 621,497 shares. The stock had previously closed at $47.31.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group reduced their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. StockNews.com initiated coverage on Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating on the stock. Finally, Bank of America reiterated an “underperform” rating and issued a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One 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 issued a strong buy rating to the company. According to MarketBeat.com, Teekay Tankers presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Performance

The stock has a market cap of $1.53 billion, a PE ratio of 3.66, a price-to-earnings-growth ratio of 1.98 and a beta of -0.40. The firm has a fifty day moving average price of $41.26 and a 200 day moving average price of $51.88.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new stake in Teekay Tankers in the 2nd quarter worth approximately $43,000. CWM LLC lifted its stake in shares of 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 buying an additional 482 shares during the period. Millburn Ridgefield Corp purchased a new stake in shares of Teekay Tankers during the third quarter valued at $132,000. US Bancorp DE acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $231,000. Finally, ClearAlpha Technologies LP acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $255,000. Institutional investors and hedge funds 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.