Teekay Tankers (NYSE:TNK) Hits New 52-Week 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 $46.17 and last traded at $46.49, with a volume of 41050 shares changing hands. The stock had previously closed at $46.68.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com started coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating for the company. Jefferies Financial Group restated a “buy” rating and issued a $72.00 target price on shares of Teekay Tankers in a research note on Thursday, October 31st. Bank of America downgraded Teekay Tankers from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $57.00 to $51.00 in a research note on Friday, November 1st. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.33.

Teekay Tankers Price Performance

The stock’s fifty day simple moving average is $55.15 and its 200-day simple moving average is $61.14. The stock has a market cap of $1.57 billion, a P/E ratio of 3.76, a PEG ratio of 1.36 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, November 12th will be given 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 2.18%. Teekay Tankers’s dividend payout ratio is currently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. grew its position in shares of Teekay Tankers by 600.0% during the first quarter. Daiwa Securities Group Inc. now owns 11,200 shares of the shipping company’s stock worth $654,000 after acquiring an additional 9,600 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Teekay Tankers by 8.1% in the first quarter. Empowered Funds LLC now owns 139,392 shares of the shipping company’s stock valued at $8,142,000 after purchasing an additional 10,500 shares during the period. SG Americas Securities LLC increased its stake in shares of Teekay Tankers by 485.2% in the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after purchasing an additional 247,489 shares during the period. Significant Wealth Partners LLC bought a new stake in shares of Teekay Tankers during the first quarter valued at approximately $386,000. Finally, Sei Investments Co. boosted its position in shares of Teekay Tankers by 47.2% during the first quarter. Sei Investments Co. now owns 72,591 shares of the shipping company’s stock worth $4,240,000 after buying an additional 23,281 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

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.