Teekay Tankers (NYSE:TNK) Stock Price Up 5.2% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TNK shares. Jefferies Financial Group decreased their price objective 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. StockNews.com assumed coverage on Teekay Tankers in a report 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. Finally, 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 research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Teekay Tankers currently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Up 2.8 %

The company has a 50 day moving average of $41.20 and a 200 day moving average of $52.23. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 3.83, a PEG ratio of 1.13 and a beta of -0.40.

Teekay Tankers Announces Dividend

The company also recently announced 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 of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. Teekay Tankers’s dividend payout ratio (DPR) is 8.21%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of TNK. Sanctuary Advisors LLC acquired a new position in shares of Teekay Tankers in the second quarter worth $1,775,000. Foundry Partners LLC increased its stake in shares of Teekay Tankers by 89.3% in the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company’s stock worth $6,156,000 after purchasing an additional 49,853 shares during the period. Barclays PLC increased its stake in shares of Teekay Tankers by 273.7% in the third quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock worth $1,833,000 after purchasing an additional 23,051 shares during the period. Shariaportfolio Inc. acquired a new stake in Teekay Tankers during the third quarter worth about $3,498,000. Finally, Victory Capital Management Inc. grew its position in Teekay Tankers by 261.7% during the third quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company’s stock worth $2,655,000 after buying an additional 32,983 shares in the last quarter. Institutional investors and hedge funds 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.