Teekay Tankers (NYSE:TNK) Shares Down 3.9% – Here’s Why

Teekay Tankers Ltd. (NYSE:TNK) shares traded down 3.9% during mid-day trading on Wednesday . The company traded as low as $50.72 and last traded at $51.20. 64,368 shares changed hands during trading, a decline of 82% from the average session volume of 350,485 shares. The stock had previously closed at $53.27.

Wall Street Analysts Forecast Growth

TNK has been the subject of several recent research reports. Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America decreased their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. StockNews.com began coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Jefferies Financial Group reiterated a “buy” rating and issued a $76.00 price objective on shares of Teekay Tankers in a research report on Thursday, August 1st. Finally, Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $76.67.

Teekay Tankers Stock Down 0.8 %

The company has a market cap of $1.70 billion, a P/E ratio of 3.51, a P/E/G ratio of 1.33 and a beta of -0.33. The business has a 50-day moving average price of $56.27 and a two-hundred day moving average price of $61.52.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The firm had revenue of $296.60 million during the quarter, compared to analyst estimates of $192.19 million. During the same quarter in the previous year, the business earned $4.38 earnings per share. Teekay Tankers’s revenue for the quarter was down 20.0% compared to the same quarter last year. As a group, sell-side analysts expect that Teekay Tankers Ltd. will post 13.33 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 2.01%. Teekay Tankers’s dividend payout ratio is currently 7.07%.

Institutional Trading of Teekay Tankers

A number of institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in shares of Teekay Tankers in the 2nd quarter worth $1,775,000. O Shaughnessy Asset Management LLC increased its stake in shares of Teekay Tankers by 51.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,846 shares of the shipping company’s stock valued at $3,379,000 after acquiring an additional 19,752 shares during the last quarter. Shariaportfolio Inc. acquired a new stake in shares of Teekay Tankers in the 3rd quarter valued at approximately $3,498,000. Bank of New York Mellon Corp boosted its stake in Teekay Tankers by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after acquiring an additional 11,535 shares during the last quarter. Finally, Unison Advisors LLC acquired a new position in Teekay Tankers during the third quarter valued at approximately $740,000. Institutional investors and hedge funds 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.