Teekay Tankers Ltd. (TNK) Reaches New 12-Month Low at $2.76
Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.76 and last traded at $2.77, with a volume of 743,637 shares trading hands. The stock had previously closed at $2.80.
Several analysts have issued reports on TNK shares. Zacks Investment Research lowered shares of Teekay Tankers from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 21st. Seaport Global Securities started coverage on shares of Teekay Tankers in a research report on Wednesday, May 4th. They set a “buy” rating and a $6.00 price target for the company. Clarkson Capital restated a “buy” rating and set a $12.00 price target on shares of Teekay Tankers in a research report on Thursday, May 19th. Bank of America Corp. lowered shares of Teekay Tankers from a “neutral” rating to an “underperform” rating and upped their price target for the company from $3.00 to $3.57 in a research report on Friday, May 20th. Finally, DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, May 20th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. Teekay Tankers presently has an average rating of “Hold” and a consensus target price of $7.09.
The stock has a 50-day moving average price of $3.01 and a 200-day moving average price of $3.62. The company has a market capitalization of $434.26 million and a P/E ratio of 2.73.
Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The business earned $139.62 million during the quarter, compared to the consensus estimate of $131.06 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 25.4% on a year-over-year basis. On average, analysts anticipate that Teekay Tankers Ltd. will post $0.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Monday, August 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 8.57%.
A number of large investors recently added to or reduced their stakes in TNK. California State Teachers Retirement System boosted 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 period. WBI Investments Inc. bought a new stake in Teekay Tankers during the fourth quarter valued at about $5,096,000. Finally, Wells Fargo & Company MN boosted 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 period.
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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