Teekay Tankers (NYSE:TNK) Sets New 12-Month Low – Here’s Why

Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low on Monday . The stock traded as low as $39.77 and last traded at $39.77, with a volume of 18226 shares. The stock had previously closed at $40.25.

Wall Street Analyst Weigh In

TNK has been the subject of several recent analyst reports. Bank of America restated an “underperform” rating and issued a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. Jefferies Financial Group cut their price objective on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, StockNews.com began coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Teekay Tankers has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Down 2.1 %

The company has a market cap of $1.35 billion, a P/E ratio of 3.30, a price-to-earnings-growth ratio of 1.20 and a beta of -0.32. The company has a fifty day moving average of $50.66 and a 200 day moving average of $58.70.

Teekay Tankers Dividend Announcement

The business also recently declared 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. This represents a $1.00 annualized dividend and a yield of 2.54%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Trading of Teekay Tankers

Several hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its stake in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after acquiring an additional 456 shares during the period. Quarry LP bought a new position in shares of Teekay Tankers in the second quarter worth about $43,000. CWM LLC boosted its stake in shares of Teekay Tankers by 96.8% in the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after acquiring an additional 482 shares during the period. Blue Trust Inc. boosted its stake in shares of Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares during the period. Finally, Millburn Ridgefield Corp bought a new position in shares of Teekay Tankers in the third quarter worth about $132,000. 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.