Teekay Tankers (NYSE:TNK) Hits New 52-Week Low – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low on Wednesday . The stock traded as low as $38.33 and last traded at $38.40, with a volume of 50006 shares changing hands. The stock had previously closed at $39.25.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TNK shares. Bank of America reaffirmed an “underperform” rating and issued a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Jefferies Financial Group dropped their price objective on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, StockNews.com began coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Stock Down 1.5 %

The stock has a 50 day moving average of $48.16 and a 200 day moving average of $57.14. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 3.22, a price-to-earnings-growth ratio of 1.15 and a beta of -0.39.

Teekay Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.59%. Teekay Tankers’s payout ratio is 8.21%.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its stake in shares of Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the period. Quarry LP bought a new stake in shares of Teekay Tankers during the second quarter valued at approximately $43,000. CWM LLC increased its holdings in shares of Teekay Tankers by 96.8% during the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Blue Trust Inc. raised its position in shares of Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 shares during the period. Finally, Millburn Ridgefield Corp bought a new position in shares of Teekay Tankers in the 3rd quarter worth $132,000. 52.67% of the stock is owned by institutional investors and hedge funds.

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.