Teekay Tankers (NYSE:TNK) Price Target Cut to $60.00 by Analysts at Jefferies Financial Group

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

Other equities research analysts have also issued reports about the company. Bank of America reissued an “underperform” rating and set a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a research report on Wednesday. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com began coverage on Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Finally, Evercore ISI upped their price objective on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Down 2.5 %

Shares of TNK traded down $1.10 during trading on Thursday, reaching $43.72. The company’s stock had a trading volume of 105,654 shares, compared to its average volume of 356,465. The company has a fifty day moving average of $53.56 and a two-hundred day moving average of $60.43. Teekay Tankers has a twelve month low of $43.49 and a twelve month high of $74.20. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 3.68, a P/E/G ratio of 1.28 and a beta of -0.32.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. Teekay Tankers’s payout ratio is 8.21%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC boosted its stake in 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 in the last quarter. FMR LLC boosted its stake in Teekay Tankers by 9.2% during the third 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 in the last quarter. Renaissance Technologies LLC boosted its stake in Teekay Tankers by 20.9% during the second 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. boosted its stake in Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after buying an additional 93,788 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after buying an additional 80,217 shares in the last quarter. 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.