Teekay Tankers (NYSE:TNK) Trading Down 5% – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK) shares dropped 5% during trading on Thursday . The company traded as low as $68.74 and last traded at $68.0720. Approximately 15,721 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 474,063 shares. The stock had previously closed at $71.69.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 20th. Bank of America raised their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Evercore reaffirmed an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a report on Friday, May 15th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Stock Up 4.5%

The stock has a fifty day simple moving average of $74.01 and a 200 day simple moving average of $69.82. The firm has a market capitalization of $2.50 billion, a P/E ratio of 5.88 and a beta of -0.22.

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

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers’s payout ratio is currently 8.13%.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. This trade represents a 48.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its stake in Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after purchasing an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Teekay Tankers by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Teekay Tankers by 24.9% in the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after purchasing an additional 50,815 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Teekay Tankers by 9.6% in the second quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after purchasing an additional 1,035 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Teekay Tankers in the second quarter worth about $224,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.