Teekay Tankers (NYSE:TNK) Stock Price Down 3.9% – What’s Next?

Shares of Teekay Tankers Ltd. (NYSE:TNK) dropped 3.9% on Wednesday . The company traded as low as $37.12 and last traded at $37.39. Approximately 161,375 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 502,184 shares. The stock had previously closed at $38.89.

Analyst Upgrades and Downgrades

TNK has been the subject of a number of recent analyst reports. Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Jefferies Financial Group restated a “buy” rating and set a $55.00 price target on shares of Teekay Tankers in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Teekay Tankers Stock Performance

The firm’s 50-day simple moving average is $41.30 and its 200-day simple moving average is $46.67. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 3.38 and a beta of -0.44.

Teekay Tankers (NYSE:TNK) last released its earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.01. The business had revenue of $163.42 million for the quarter, compared to the consensus estimate of $158.26 million. Teekay Tankers had a return on equity of 20.67% and a net margin of 34.55%. Equities research analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.61%. Teekay Tankers’s payout ratio is 8.83%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors have recently bought and sold shares of the business. R Squared Ltd acquired a new stake in shares of Teekay Tankers during the 4th quarter valued at about $41,000. Meeder Asset Management Inc. bought a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $77,000. Millburn Ridgefield Corp acquired a new position in shares of Teekay Tankers in the 3rd quarter worth approximately $132,000. New Age Alpha Advisors LLC acquired a new position in shares of Teekay Tankers in the 4th quarter worth approximately $132,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Teekay Tankers during the 4th quarter worth approximately $143,000. Institutional investors and hedge funds 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.