Teekay Tankers (NYSE:TNK) Reaches New 12-Month Low – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $43.15 and last traded at $43.36, with a volume of 57499 shares changing hands. The stock had previously closed at $43.21.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TNK. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group decreased their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com assumed coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating on the stock. Evercore ISI raised their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Bank of America reaffirmed an “underperform” rating and set a $46.00 price objective (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Stock Up 0.1 %

The stock’s 50-day moving average is $53.35 and its 200-day moving average is $60.36. The firm has a market cap of $1.48 billion, a P/E ratio of 3.55, a price-to-earnings-growth ratio of 1.29 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Teekay Tankers by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock valued at $141,723,000 after purchasing an additional 13,330 shares in the last quarter. FMR LLC boosted its stake in shares of 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 purchasing an additional 124,659 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Teekay Tankers by 41.3% in the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after purchasing an additional 273,530 shares in the last quarter. Principal Financial Group Inc. lifted its position in Teekay Tankers by 9.7% during the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after buying an additional 80,217 shares in the last quarter. Finally, American Century Companies Inc. lifted its position 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 buying an additional 93,788 shares in the last quarter. 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.