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

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

Analyst Ratings Changes

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

Teekay Tankers Trading Down 4.8 %

The company has a market cap of $1.27 billion, a PE ratio of 3.27 and a beta of -0.44. The business has a 50 day simple moving average of $41.37 and a two-hundred day simple moving average of $46.80.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results 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 return on equity of 20.67% and a net margin of 34.55%. The firm had revenue of $163.42 million for the quarter, compared to analyst estimates of $158.26 million. On average, equities research analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be issued 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 yield of 2.70%. Teekay Tankers’s payout ratio is 8.83%.

Hedge Funds Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the company. R Squared Ltd purchased a new position in shares of Teekay Tankers in the 4th quarter valued at $41,000. Meeder Asset Management Inc. purchased a new position in Teekay Tankers in the fourth quarter valued at about $77,000. Millburn Ridgefield Corp purchased a new position in Teekay Tankers in the third quarter valued at about $132,000. New Age Alpha Advisors LLC acquired a new position in shares of Teekay Tankers during the fourth quarter worth about $132,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at about $143,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

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.