Teekay Tankers (NYSE:TNK) Shares Down 6.8% – Here’s What Happened

Shares of Teekay Tankers Ltd. (NYSE:TNK) were down 6.8% on Thursday . The company traded as low as $71.34 and last traded at $71.1850. Approximately 139,671 shares changed hands during trading, a decline of 71% from the average daily volume of 476,047 shares. The stock had previously closed at $76.34.

Analyst Ratings Changes

TNK has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Wednesday. Evercore restated an “outperform” rating and issued a $86.00 target price on shares of Teekay Tankers in a research note on Friday, May 15th. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 20th. Bank of America upped their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Finally, Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Performance

The firm’s 50-day moving average is $75.51 and its two-hundred day moving average is $68.83. The stock has a market cap of $2.35 billion, a P/E ratio of 5.52 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. As a group, research analysts forecast that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio is 8.13%.

Insider Transactions at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNK. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teekay Tankers during the 4th quarter worth approximately $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers during the fourth quarter worth approximately $33,000. Leonteq Securities AG acquired a new position in Teekay Tankers in the fourth quarter valued at approximately $34,000. Global Trust Asset Management LLC acquired a new position in Teekay Tankers in the first quarter valued at approximately $46,000. Finally, Aster Capital Management DIFC Ltd boosted its stake in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 1,032 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.