Teekay Tankers (NYSE:TNK) Shares Gap Up – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK) gapped up prior to trading on Friday . The stock had previously closed at $42.11, but opened at $44.40. Teekay Tankers shares last traded at $45.00, with a volume of 183,833 shares.

Wall Street Analyst Weigh In

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

Teekay Tankers Trading Up 8.8 %

The company’s 50 day moving average price is $41.23 and its two-hundred day moving average price is $52.65. The firm has a market cap of $1.57 billion, a PE ratio of 3.76, a PEG ratio of 1.13 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.18%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Teekay Tankers by 9.2% in the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after purchasing an additional 124,659 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of 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 buying an additional 123,500 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Teekay Tankers by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after acquiring an additional 93,788 shares during the last quarter. Principal Financial Group Inc. grew 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 acquiring an additional 80,217 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Teekay Tankers by 31.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 306,732 shares of the shipping company’s stock worth $17,867,000 after acquiring an additional 72,798 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

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.