Teekay Tankers (NYSE:TNK) Trading Down 6.8% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price was down 6.8% on Thursday . The stock traded as low as $71.34 and last traded at $71.1850. Approximately 139,671 shares were traded during trading, a decline of 71% from the average daily volume of 476,047 shares. The stock had previously closed at $76.34.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. Evercore reissued an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 20th. Finally, Bank of America lifted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Stock Down 8.2%

The stock has a fifty day moving average of $75.70 and a two-hundred day moving average of $68.73. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 5.71 and a beta of -0.25.

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

Teekay Tankers Dividend Announcement

The business 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. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio is currently 8.13%.

Insider Buying and Selling

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its stake in Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after buying an additional 172 shares during the period. CWA Asset Management Group LLC raised its holdings in Teekay Tankers by 1.5% in the fourth quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock valued at $621,000 after acquiring an additional 176 shares in the last quarter. Glenorchy Capital Ltd raised its holdings in Teekay Tankers by 0.5% in the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after acquiring an additional 198 shares in the last quarter. Boothbay Fund Management LLC boosted its stake in Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock valued at $810,000 after acquiring an additional 214 shares during the last quarter. Finally, CWM LLC boosted its stake in Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after acquiring an additional 216 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.