Teekay Tankers (NYSE:TNK) Sets New 12-Month High – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $65.48 and last traded at $62.9870, with a volume of 405694 shares changing hands. The stock had previously closed at $64.19.

Analyst Ratings Changes

TNK has been the subject of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Clarkson Capital raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Price Performance

The company has a market cap of $2.24 billion, a PE ratio of 7.23 and a beta of -0.27. The company has a 50-day moving average price of $57.27 and a two-hundred day moving average price of $53.93.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Teekay Tankers by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,799,113 shares of the shipping company’s stock valued at $90,947,000 after buying an additional 35,131 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Teekay Tankers by 6.7% in the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after acquiring an additional 67,186 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC grew its stake in Teekay Tankers by 14.4% during the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Teekay Tankers by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after purchasing an additional 14,052 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.