Teekay Tankers Ltd. (TNK) Shares Down 2.4%
Teekay Tankers Ltd. (NYSE:TNK) shares dropped 2.4% during mid-day trading on Thursday . The stock traded as low as $2.79 and last traded at $2.79, with a volume of 1,471,954 shares. The stock had previously closed at $2.86.
TNK has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Teekay Tankers from a “hold” rating to a “strong sell” rating in a report on Thursday, April 21st. Danske restated a “sell” rating on shares of Teekay Tankers in a report on Monday. Morgan Stanley set a $3.60 target price on shares of Teekay Tankers and gave the stock a “hold” rating in a report on Friday, August 5th. Clarkson Capital restated a “buy” rating and issued a $12.00 target price on shares of Teekay Tankers in a report on Thursday, May 19th. Finally, Stifel Nicolaus cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Saturday, May 21st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Teekay Tankers has an average rating of “Hold” and a consensus price target of $7.09.
The firm has a market cap of $437.38 million and a PE ratio of 2.75. The company’s 50 day moving average price is $3.01 and its 200 day moving average price is $3.62.
Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. During the same quarter in the previous year, the company posted $0.35 EPS. The company had revenue of $139.62 million for the quarter, compared to analysts’ expectations of $131.06 million. The business’s quarterly revenue was up 25.4% on a year-over-year basis. On average, equities analysts forecast that Teekay Tankers Ltd. will post $0.87 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Monday, August 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, August 11th. This represents a $0.24 annualized dividend and a yield of 8.57%.
Other hedge funds recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its stake in Teekay Tankers by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 176,185 shares of the company’s stock valued at $1,212,000 after buying an additional 3,121 shares during the last quarter. WBI Investments Inc. bought a new stake in Teekay Tankers during the fourth quarter valued at $5,096,000. Finally, Wells Fargo & Company MN raised its stake in Teekay Tankers by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,323,732 shares of the company’s stock valued at $9,107,000 after buying an additional 294,393 shares during the last quarter.
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers. The Company’s chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers.
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