Teekay Tankers (NYSE:TNK) Hits New 1-Year Low – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $36.33 and last traded at $36.88, with a volume of 33626 shares changing hands. The stock had previously closed at $37.18.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TNK shares. Jefferies Financial Group decreased their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Bank of America reaffirmed an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Finally, StockNews.com assumed coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Performance

The stock’s 50 day moving average price is $46.30 and its 200 day moving average price is $56.15. The company has a market capitalization of $1.27 billion, a P/E ratio of 3.05, a price-to-earnings-growth ratio of 1.13 and a beta of -0.39.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.71%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its holdings 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 buying an additional 273,530 shares during the last quarter. FMR LLC raised 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 buying an additional 124,659 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Teekay Tankers by 20.9% during the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after acquiring an additional 123,500 shares in the last quarter. American Century Companies Inc. boosted its holdings in Teekay Tankers by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after acquiring an additional 93,788 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Teekay Tankers by 9.7% in the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after acquiring an additional 80,217 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.