Teekay Tankers’ (TNK) “Underperform” Rating Reaffirmed at Bank of America

Bank of America restated their underperform rating on shares of Teekay Tankers (NYSE:TNK) in a research report released on Wednesday, MarketBeat Ratings reports. They currently have a $46.00 price target on the shipping company’s stock, down from their previous price target of $51.00.

TNK has been the subject of a number of other research reports. Evercore ISI increased their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $72.00 target price on shares of Teekay Tankers in a research note on Thursday, October 31st. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com initiated coverage on Teekay Tankers in a research 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 assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.67.

Teekay Tankers Trading Down 0.2 %

Shares of TNK opened at $44.06 on Wednesday. The stock’s 50-day moving average price is $53.73 and its two-hundred day moving average price is $60.54. Teekay Tankers has a 12 month low of $43.49 and a 12 month high of $74.20. The company has a market capitalization of $1.51 billion, a PE ratio of 3.62, a PEG ratio of 1.28 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Teekay Tankers by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock valued at $141,723,000 after acquiring an additional 13,330 shares in the last quarter. FMR LLC lifted its position in Teekay Tankers by 9.2% in the 3rd quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after acquiring an additional 124,659 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Teekay Tankers by 41.3% during the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after purchasing an additional 273,530 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Teekay Tankers by 9.7% during the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after purchasing an additional 80,217 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after purchasing an additional 93,788 shares in the last quarter. 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.