Teekay Tankers (NYSE:TNK) Trading 5.2% Higher – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNKGet Free Report)’s stock price was up 5.2% during mid-day trading on Monday . The stock traded as high as $48.37 and last traded at $47.72. Approximately 192,780 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 475,341 shares. The stock had previously closed at $45.36.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TNK. Bank of America restated an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. StockNews.com began coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group lowered their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

Check Out Our Latest Report on Teekay Tankers

Teekay Tankers Price Performance

The business has a 50 day simple moving average of $41.21 and a 200 day simple moving average of $52.06. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 3.88, a price-to-earnings-growth ratio of 1.13 and a beta of -0.40.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.12%. Teekay Tankers’s dividend payout ratio (DPR) is 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in shares of Teekay Tankers during the second quarter valued at approximately $1,775,000. Foundry Partners LLC increased its stake in shares of Teekay Tankers by 89.3% in the 3rd quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company’s stock valued at $6,156,000 after buying an additional 49,853 shares during the period. Barclays PLC raised its position in shares of Teekay Tankers by 273.7% during the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock worth $1,833,000 after acquiring an additional 23,051 shares during the last quarter. Shariaportfolio Inc. acquired a new position in shares of Teekay Tankers during the third quarter valued at $3,498,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Teekay Tankers by 261.7% during the third quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company’s stock valued at $2,655,000 after acquiring an additional 32,983 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

About Teekay Tankers

(Get Free Report)

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.

Further Reading

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