Teekay Tankers (NYSE:TNK) Shares Down 3.9% – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) shares were down 3.9% during trading on Wednesday . The company traded as low as $50.72 and last traded at $51.20. Approximately 64,368 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 350,485 shares. The stock had previously closed at $53.27.

Analyst Ratings Changes

TNK has been the subject of several analyst reports. Evercore ISI increased their price objective on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com began coverage on Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating for the company. Bank of America cut their price objective on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Jefferies Financial Group restated a “buy” rating and issued a $76.00 price objective on shares of Teekay Tankers in a report on Thursday, August 1st. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $76.67.

Teekay Tankers Price Performance

The stock’s 50 day simple moving average is $56.52 and its 200-day simple moving average is $61.68. The company has a market capitalization of $1.73 billion, a PE ratio of 3.93, a price-to-earnings-growth ratio of 1.39 and a beta of -0.33.

Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. During the same quarter last year, the company earned $4.38 earnings per share. Teekay Tankers’s quarterly revenue was down 20.0% compared to the same quarter last year. On average, equities analysts predict that Teekay Tankers Ltd. will post 13.33 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 1.98%. Teekay Tankers’s payout ratio is 7.79%.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds have recently bought and sold shares of TNK. Sequoia Financial Advisors LLC increased its position in shares of Teekay Tankers by 5.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock valued at $322,000 after purchasing an additional 277 shares during the last quarter. U S Global Investors Inc. grew its stake in shares of Teekay Tankers by 11.0% during the third quarter. U S Global Investors Inc. now owns 4,897 shares of the shipping company’s stock worth $285,000 after purchasing an additional 486 shares in the last quarter. Shariaportfolio Inc. purchased a new position in Teekay Tankers in the third quarter valued at $3,498,000. Exchange Traded Concepts LLC increased its holdings in Teekay Tankers by 11.9% in the third quarter. Exchange Traded Concepts LLC now owns 5,464 shares of the shipping company’s stock valued at $318,000 after buying an additional 581 shares during the last quarter. Finally, Unison Advisors LLC acquired a new stake in Teekay Tankers in the third quarter valued at $740,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.