Teekay Tankers (NYSE:TNK) Shares Down 3.5% – Should You Sell?

Shares of Teekay Tankers Ltd. (NYSE:TNK) were down 3.5% during trading on Friday . The stock traded as low as $39.95 and last traded at $39.64. Approximately 28,664 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 570,179 shares. The stock had previously closed at $41.08.

Wall Street Analyst Weigh In

TNK has been the subject of a number of recent research reports. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group cut their price target 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 from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Finally, StockNews.com initiated coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

Teekay Tankers Stock Performance

The firm has a fifty day moving average price of $40.95 and a 200 day moving average price of $50.91. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 3.26, a PEG ratio of 1.79 and a beta of -0.40.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.51%. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TNK. Sei Investments Co. grew its position in shares of Teekay Tankers by 9.2% in the second quarter. Sei Investments Co. now owns 79,243 shares of the shipping company’s stock valued at $5,453,000 after purchasing an additional 6,652 shares during the period. AQR Capital Management LLC increased its stake in shares of Teekay Tankers by 6.5% during the 2nd quarter. AQR Capital Management LLC now owns 45,735 shares of the shipping company’s stock valued at $3,147,000 after acquiring an additional 2,781 shares during the last quarter. Quarry LP purchased a new position in shares of Teekay Tankers during the 2nd quarter worth about $43,000. Sanctuary Advisors LLC acquired a new stake in shares of Teekay Tankers in the second quarter worth approximately $1,775,000. Finally, SG Americas Securities LLC grew its holdings in Teekay Tankers by 8.6% in the third quarter. SG Americas Securities LLC now owns 261,589 shares of the shipping company’s stock valued at $15,238,000 after purchasing an additional 20,790 shares during the period. Hedge funds and other institutional investors 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.