Teekay Tankers (NYSE:TNK) Shares Down 5.6% – Should You Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price was down 5.6% on Thursday . The company traded as low as $44.88 and last traded at $44.68. Approximately 615,699 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 621,497 shares. The stock had previously closed at $47.31.

Wall Street Analysts Forecast Growth

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

Teekay Tankers Stock Down 2.1 %

The business’s fifty day moving average is $41.18 and its 200-day moving average is $51.65. The company has a market cap of $1.50 billion, a PE ratio of 3.58, a P/E/G ratio of 1.98 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Institutional Trading of Teekay Tankers

Hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of Teekay Tankers in the second quarter worth approximately $1,775,000. Foundry Partners LLC boosted its holdings in Teekay Tankers by 89.3% in the 3rd quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company’s stock worth $6,156,000 after buying an additional 49,853 shares during the period. Barclays PLC increased its stake in Teekay Tankers by 273.7% in the 3rd quarter. Barclays PLC now owns 31,472 shares of the shipping company’s stock worth $1,833,000 after buying an additional 23,051 shares in the last quarter. Shariaportfolio Inc. purchased a new stake in Teekay Tankers in the 3rd quarter worth $3,498,000. Finally, Victory Capital Management Inc. raised its holdings 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 valued at $2,655,000 after acquiring an additional 32,983 shares during the period. Institutional investors 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.