Jefferies Financial Group Lowers Teekay Tankers (NYSE:TNK) Price Target to $60.00

Teekay Tankers (NYSE:TNK) had its price objective reduced by Jefferies Financial Group from $72.00 to $60.00 in a research note released on Thursday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the shipping company’s stock.

A number of other research firms have also commented on TNK. Bank of America reiterated an “underperform” rating and issued a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday. StockNews.com started coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $43.21 on Thursday. Teekay Tankers has a fifty-two week low of $43.17 and a fifty-two week high of $74.20. The business has a fifty day moving average price of $53.35 and a two-hundred day moving average price of $60.34. The stock has a market capitalization of $1.48 billion, a PE ratio of 3.55, a P/E/G ratio of 1.29 and a beta of -0.32.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Trading of Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of TNK. Acadian Asset Management LLC increased its position in shares of Teekay Tankers by 41.3% during the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after acquiring an additional 273,530 shares during the last quarter. FMR LLC increased its position in Teekay Tankers by 9.2% in the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock worth $86,249,000 after buying an additional 124,659 shares during the last quarter. Renaissance Technologies LLC increased its position in Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after buying an additional 123,500 shares during the last quarter. American Century Companies Inc. increased its position in Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after buying an additional 93,788 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after buying an additional 80,217 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.