Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) saw a significant decline in short interest in January. As of January 31st, there was short interest totalling 496,500 shares, a decline of 19.4% from the January 15th total of 616,000 shares. Based on an average daily volume of 430,600 shares, the days-to-cover ratio is presently 1.2 days. Approximately 2.1% of the shares of the stock are short sold.
Teekay Tankers Stock Performance
TNK stock traded down $0.20 during trading on Wednesday, hitting $40.71. The stock had a trading volume of 293,252 shares, compared to its average volume of 491,885. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 3.32 and a beta of -0.43. The company's 50 day moving average price is $41.11 and its two-hundred day moving average price is $47.95. Teekay Tankers has a 1-year low of $36.04 and a 1-year high of $74.20.
Hedge Funds Weigh In On Teekay Tankers
Institutional investors have recently modified their holdings of the company. R Squared Ltd purchased a new stake in Teekay Tankers in the 4th quarter worth approximately $41,000. CWM LLC grew its position in shares of Teekay Tankers by 96.8% in the third quarter. CWM LLC now owns 980 shares of the shipping company's stock valued at $57,000 after purchasing an additional 482 shares during the period. Meeder Asset Management Inc. acquired a new position in Teekay Tankers in the fourth quarter valued at $77,000. Millburn Ridgefield Corp purchased a new position in Teekay Tankers during the third quarter worth about $132,000. Finally, New Age Alpha Advisors LLC acquired a new stake in Teekay Tankers in the 4th quarter worth about $132,000. Institutional investors and hedge funds own 52.67% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on TNK. Bank of America restated an "underperform" rating and issued a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Jefferies Financial Group dropped their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $63.67.
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Teekay Tankers Company Profile
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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.
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