Teekay Tankers (NYSE:TNK) Sets New 52-Week Low – Should You Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s share price hit a new 52-week low on Monday . The stock traded as low as $40.74 and last traded at $40.74, with a volume of 24586 shares. The stock had previously closed at $41.73.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TNK shares. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com initiated coverage on Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. Jefferies Financial Group reduced their price target on Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Bank of America reissued an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Stock Down 0.5 %

The company has a market cap of $1.40 billion, a price-to-earnings ratio of 3.39, a PEG ratio of 1.24 and a beta of -0.32. The stock’s 50-day simple moving average is $51.59 and its 200 day simple moving average is $59.32.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.44%. Teekay Tankers’s payout ratio is currently 8.21%.

Institutional Trading of Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its stake in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares in the last quarter. Quarry LP acquired a new position in Teekay Tankers in the 2nd quarter valued at about $43,000. CWM LLC grew its position in Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Blue Trust Inc. increased its stake in Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 shares during the period. Finally, Millburn Ridgefield Corp acquired a new stake in shares of Teekay Tankers during the third quarter worth about $132,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.