Teekay Tankers (NYSE:TNK) Trading Up 3.6%

Teekay Tankers Ltd. (NYSE:TNK) shares were up 3.6% during mid-day trading on Monday . The stock traded as high as $64.88 and last traded at $64.88. Approximately 33,527 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 371,176 shares. The stock had previously closed at $62.61.

Analyst Ratings Changes

Several equities analysts recently issued reports on TNK shares. StockNews.com upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Friday, May 17th. Bank of America boosted their target price on Teekay Tankers from $66.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Evercore ISI boosted their target price on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group boosted their target price on Teekay Tankers from $70.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, May 9th.

Teekay Tankers Stock Performance

The firm has a fifty day moving average price of $68.09 and a 200 day moving average price of $61.80. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 4.45, a P/E/G ratio of 1.51 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, May 9th. The shipping company reported $3.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.16. Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The business had revenue of $221.81 million during the quarter. On average, analysts expect that Teekay Tankers Ltd. will post 13.78 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a None dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were issued a dividend of $2.25 per share. This represents a dividend yield of 1.5%. The ex-dividend date was Monday, May 20th. Teekay Tankers’s dividend payout ratio is currently 7.07%.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates bought a new position in shares of Teekay Tankers in the fourth quarter worth $566,000. Ritholtz Wealth Management bought a new position in shares of Teekay Tankers in the fourth quarter worth $219,000. International Assets Investment Management LLC bought a new position in shares of Teekay Tankers in the fourth quarter worth $6,243,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Teekay Tankers by 7.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,110 shares of the shipping company’s stock worth $555,000 after purchasing an additional 802 shares during the period. Finally, Bleakley Financial Group LLC increased its position in shares of Teekay Tankers by 3.6% in the fourth quarter. Bleakley Financial Group LLC now owns 7,396 shares of the shipping company’s stock worth $370,000 after purchasing an additional 255 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.