Teekay Tankers (NYSE:TNK) Trading 3.6% Higher

Teekay Tankers Ltd. (NYSE:TNK)’s stock price was up 3.6% during mid-day trading on Monday . The company traded as high as $64.88 and last traded at $64.88. Approximately 33,527 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 371,176 shares. The stock had previously closed at $62.61.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Evercore ISI lifted their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America lifted their price objective on shares of Teekay Tankers from $66.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. StockNews.com raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Friday, May 17th. Finally, Jefferies Financial Group lifted their price target on shares of Teekay Tankers from $70.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, May 9th.

Teekay Tankers Stock Performance

The firm has a market capitalization of $2.17 billion, a P/E ratio of 4.47, a PEG ratio of 1.53 and a beta of -0.28. The stock has a 50 day moving average of $67.77 and a 200-day moving average of $61.91.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, May 9th. The shipping company reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.16. The firm had revenue of $221.81 million during the quarter. Teekay Tankers had a net margin of 37.39% and a return on equity of 30.73%. As a group, sell-side analysts expect that Teekay Tankers Ltd. will post 13.78 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently announced a None dividend, which was paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st were issued a dividend of $2.25 per share. The ex-dividend date was Monday, May 20th. This represents a yield of 1.5%. Teekay Tankers’s payout ratio is 7.07%.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in Teekay Tankers by 266.7% during the 2nd 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. Tucker Asset Management LLC purchased a new stake in shares of Teekay Tankers in the fourth quarter worth about $38,000. EntryPoint Capital LLC boosted its position in shares of Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after acquiring an additional 378 shares during the period. Blue Trust Inc. grew its stake in Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock valued at $92,000 after acquiring an additional 172 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in Teekay Tankers during the 4th quarter worth approximately $80,000. 52.67% of the stock is owned by 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.