Teekay Tankers (NYSE:TNK) Trading Down 6.9%

Teekay Tankers Ltd. (NYSE:TNK) dropped 6.9% during mid-day trading on Thursday . The stock traded as low as $60.01 and last traded at $60.93. Approximately 62,220 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 368,657 shares. The stock had previously closed at $65.44.

Wall Street Analyst Weigh In

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

Teekay Tankers Price Performance

The company’s 50-day simple moving average is $67.66 and its 200 day simple moving average is $61.93. The firm has a market cap of $2.11 billion, a P/E ratio of 4.63, a price-to-earnings-growth ratio of 1.53 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, May 9th. The shipping company reported $3.86 EPS for the quarter, topping the consensus estimate of $3.70 by $0.16. Teekay Tankers had a net margin of 37.39% and a return on equity of 30.73%. The company had revenue of $221.81 million during the quarter. Analysts anticipate that Teekay Tankers Ltd. will post 13.78 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a None dividend, which was paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st were given a $2.25 dividend. The ex-dividend date was Monday, May 20th. This represents a yield of 1.5%. Teekay Tankers’s dividend payout ratio (DPR) is 7.07%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Ritholtz Wealth Management lifted its position in shares of Teekay Tankers by 50.0% during the second quarter. Ritholtz Wealth Management now owns 11,827 shares of the shipping company’s stock valued at $814,000 after buying an additional 3,940 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Teekay Tankers by 9,081.1% in the second quarter. Farther Finance Advisors LLC now owns 6,794 shares of the shipping company’s stock valued at $469,000 after acquiring an additional 6,720 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock worth $276,000 after purchasing an additional 323 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Teekay Tankers by 30.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 28,714 shares of the shipping company’s stock valued at $1,976,000 after purchasing an additional 6,656 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after purchasing an additional 11,535 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.