Teekay Tankers (NYSE:TNK) Sets New 1-Year Low – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK) shares reached a new 52-week low on Tuesday . The stock traded as low as $35.94 and last traded at $36.23, with a volume of 45047 shares. The stock had previously closed at $36.65.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Jefferies Financial Group restated a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, February 20th. Bank of America reiterated an “underperform” rating and issued a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Teekay Tankers Price Performance

The business’s fifty day moving average is $41.10 and its 200-day moving average is $46.07. The firm has a market cap of $1.26 billion, a PE ratio of 3.27 and a beta of -0.44.

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

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 2.71%. Teekay Tankers’s dividend payout ratio is presently 8.83%.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voloridge Investment Management LLC boosted its position in shares of Teekay Tankers by 1,352.3% in the fourth quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company’s stock valued at $9,658,000 after acquiring an additional 226,001 shares during the period. Royce & Associates LP purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $8,980,000. Millennium Management LLC purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $8,110,000. Empowered Funds LLC purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $7,248,000. Finally, Marshall Wace LLP raised its stake in shares of Teekay Tankers by 262.6% during the fourth quarter. Marshall Wace LLP now owns 216,805 shares of the shipping company’s stock worth $8,627,000 after acquiring an additional 157,015 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.