Teekay Tankers (NYSE:TNK) Sets New 1-Year Low – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $36.33 and last traded at $36.88, with a volume of 33626 shares changing hands. The stock had previously closed at $37.18.

Analyst Upgrades and Downgrades

TNK has been the subject of a number of research analyst reports. StockNews.com began coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Bank of America reissued an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Finally, Jefferies Financial Group cut their target price on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. 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 data from MarketBeat, Teekay Tankers presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Up 0.8 %

The company’s 50 day simple moving average is $45.42 and its 200-day simple moving average is $55.78. The firm has a market cap of $1.31 billion, a P/E ratio of 3.13, a P/E/G ratio of 1.13 and a beta of -0.39.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.62%. Teekay Tankers’s payout ratio is 8.21%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TNK. Fifth Third Bancorp increased its position in shares of Teekay Tankers by 266.7% during the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares in the last quarter. Quarry LP purchased a new position in shares of Teekay Tankers in the 2nd quarter valued at approximately $43,000. CWM LLC grew its position in Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock worth $57,000 after purchasing an additional 482 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after buying an additional 172 shares during the last quarter. Finally, Millburn Ridgefield Corp purchased a new position in Teekay Tankers in the 3rd quarter worth $132,000. 52.67% of the stock is owned by 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.