Teekay Tankers Ltd. (TNK) Hits New 12-Month Low at $2.60
Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.60 and last traded at $2.65, with a volume of 659,173 shares. The stock had previously closed at $2.66.
A number of research firms recently issued reports on TNK. Seaport Global Securities began coverage on shares of Teekay Tankers in a research report on Wednesday, May 4th. They set a “buy” rating and a $6.00 target price for the company. Vetr cut Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 price target for the company. in a report on Wednesday, June 8th. Bank of America Corp. cut Teekay Tankers from a “neutral” rating to an “underperform” rating and upped their price target for the stock from $3.00 to $3.57 in a report on Friday, May 20th. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, May 20th. Finally, Zacks Investment Research upgraded Teekay Tankers from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 25th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $7.00.
The stock has a 50-day moving average of $2.93 and a 200 day moving average of $3.47. The stock has a market cap of $409.51 million and a PE ratio of 2.57.
Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. During the same period last year, the business earned $0.35 earnings per share. The firm had revenue of $139.62 million for the quarter, compared to analysts’ expectations of $131.06 million. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities analysts predict that Teekay Tankers Ltd. will post $0.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Monday, August 15th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 9.02%. The ex-dividend date was Thursday, August 11th.
A hedge fund recently raised its stake in Teekay Tankers stock. Wells Fargo & Company MN boosted its position in Teekay Tankers Ltd. (NYSE:TNK) by 28.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,323,732 shares of the company’s stock after buying an additional 294,393 shares during the period. Wells Fargo & Company MN owned 0.87% of Teekay Tankers worth $9,107,000 as of its most recent filing with the SEC.
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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