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

Teekay Tankers Ltd. (NYSE:TNK) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $46.17 and last traded at $46.49, with a volume of 41050 shares. The stock had previously closed at $46.68.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TNK shares. StockNews.com assumed coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Teekay Tankers in a report on Thursday. Evercore ISI upped their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, Bank of America downgraded Teekay Tankers from a “buy” rating to a “neutral” rating and cut their target price for the company from $57.00 to $51.00 in a research note on Friday. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Teekay Tankers has an average rating of “Moderate Buy” and an average target price of $69.33.

Teekay Tankers Price Performance

The firm has a market capitalization of $1.60 billion, a P/E ratio of 3.83, a PEG ratio of 1.28 and a beta of -0.32. The firm’s fifty day moving average price is $55.34 and its 200-day moving average price is $61.18.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 24.27% and a net margin of 35.44%. The firm had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. During the same period in the prior year, the firm posted $4.38 EPS. The firm’s quarterly revenue was down 20.0% on a year-over-year basis. Analysts expect that Teekay Tankers Ltd. will post 12.38 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, November 12th. Teekay Tankers’s payout ratio is 8.21%.

Institutional Trading of Teekay Tankers

A number of large investors have recently added to or reduced their stakes in the business. 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 valued at $43,000 after acquiring an additional 456 shares during the last quarter. Quarry LP purchased a new stake in shares of Teekay Tankers during the second quarter valued at $43,000. EntryPoint Capital LLC boosted its position in shares of Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after purchasing an additional 378 shares during the period. CWM LLC increased its stake in Teekay Tankers by 96.8% in the 3rd 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. Finally, Blue Trust Inc. increased its stake in Teekay Tankers by 14.7% in the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 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.