Teekay Tankers (NYSE:TNK) Shares Down 3.4% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) shares fell 3.4% on Friday . The company traded as low as $39.79 and last traded at $39.85. 169,515 shares traded hands during trading, a decline of 54% from the average session volume of 366,275 shares. The stock had previously closed at $41.25.

Analyst Ratings Changes

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

Teekay Tankers Price Performance

The firm has a 50 day moving average price of $41.97 and a 200-day moving average price of $53.55. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 3.30, a price-to-earnings-growth ratio of 1.13 and a beta of -0.39.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers’s payout ratio is 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after purchasing an additional 11,535 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after purchasing an additional 323 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Teekay Tankers by 4.3% in the second quarter. Rhumbline Advisers now owns 39,179 shares of the shipping company’s stock worth $2,696,000 after purchasing an additional 1,618 shares in the last quarter. Foundry Partners LLC acquired a new position in Teekay Tankers during the second quarter worth $3,842,000. Finally, Great Lakes Advisors LLC lifted its position in Teekay Tankers by 22.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 54,730 shares of the shipping company’s stock worth $3,766,000 after buying an additional 9,967 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

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.