Teekay Tankers (NYSE:TNK) Trading Down 5.6% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price fell 5.6% during mid-day trading on Thursday . The stock traded as low as $44.88 and last traded at $44.68. 615,699 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 621,497 shares. The stock had previously closed at $47.31.

Wall Street Analysts Forecast Growth

TNK has been the subject of a number of recent research reports. 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. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Finally, StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Stock Performance

The stock has a fifty day moving average of $41.26 and a 200-day moving average of $51.88. The company has a market cap of $1.53 billion, a PE ratio of 3.66, a PEG ratio of 1.98 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a $0.25 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.24%. Teekay Tankers’s dividend payout ratio (DPR) is 8.21%.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors have recently modified their holdings of the stock. Quarry LP bought a new position in Teekay Tankers in the second quarter worth approximately $43,000. CWM LLC lifted its holdings in shares of Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after buying an additional 482 shares during the period. Millburn Ridgefield Corp bought a new position in shares of Teekay Tankers during the 3rd quarter worth $132,000. US Bancorp DE purchased a new position in shares of Teekay Tankers during the third quarter valued at $231,000. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after acquiring an additional 323 shares in the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.