Teekay Tankers (NYSE:TNK) Trading Up 6.5% – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK)’s share price was up 6.5% during trading on Tuesday . The company traded as high as $42.67 and last traded at $42.50. Approximately 142,764 shares changed hands during trading, a decline of 62% from the average daily volume of 378,193 shares. The stock had previously closed at $39.91.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TNK shares. 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. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com assumed coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating on the stock. Finally, Bank of America reiterated an “underperform” rating and issued a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Trading Up 5.3 %

The stock’s fifty day moving average price is $41.57 and its two-hundred day moving average price is $52.98. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 3.45, a price-to-earnings-growth ratio of 1.13 and a beta of -0.40.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in Teekay Tankers during the second quarter worth approximately $43,000. CWM LLC raised its stake in Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after acquiring an additional 482 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in Teekay Tankers in the third quarter valued at $132,000. Ashton Thomas Private Wealth LLC acquired a new position in Teekay Tankers in the second quarter valued at $237,000. Finally, US Bancorp DE purchased a new position in shares of Teekay Tankers during the third quarter worth about $231,000. Hedge funds and other 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.