Teekay Tankers (NYSE:TNK) Shares Down 3.4% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) shares fell 3.4% during mid-day trading on Friday . The stock traded as low as $39.79 and last traded at $39.85. 169,515 shares were traded during mid-day trading, a decline of 54% from the average session volume of 366,275 shares. The stock had previously closed at $41.25.

Wall Street Analyst Weigh In

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

Teekay Tankers Trading Down 3.2 %

The company has a market capitalization of $1.37 billion, a P/E ratio of 3.28, a PEG ratio of 1.13 and a beta of -0.40. The firm’s 50 day moving average price is $41.76 and its two-hundred day moving average price is $53.28.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 annualized dividend and a yield of 2.51%. Teekay Tankers’s payout ratio is currently 8.21%.

Institutional Trading of Teekay Tankers

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in shares of Teekay Tankers by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after purchasing an additional 11,535 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Teekay Tankers by 8.8% during the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock worth $276,000 after acquiring an additional 323 shares in the last quarter. Rhumbline Advisers lifted its stake in Teekay Tankers by 4.3% in the second quarter. Rhumbline Advisers now owns 39,179 shares of the shipping company’s stock valued at $2,696,000 after acquiring an additional 1,618 shares during the last quarter. Foundry Partners LLC bought a new position in shares of Teekay Tankers in the 2nd quarter valued at about $3,842,000. Finally, Great Lakes Advisors LLC increased its stake in shares of Teekay Tankers by 22.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 54,730 shares of the shipping company’s stock worth $3,766,000 after purchasing an additional 9,967 shares during the last quarter. 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.