Teekay Tankers (NYSE:TNK) Hits New 1-Year Low - What's Next?

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report)'s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $36.33 and last traded at $36.88, with a volume of 33626 shares trading hands. The stock had previously closed at $37.18.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group dropped their price target on Teekay Tankers from $72.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, November 14th. Bank of America restated an "underperform" rating and issued a $46.00 price objective (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. StockNews.com started coverage on Teekay Tankers in a report on Thursday, October 10th. They set a "hold" rating on the stock. Finally, Fearnley Fonds raised shares of Teekay Tankers to a "strong-buy" rating in a report on Friday, September 27th. One 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.67.

Teekay Tankers Trading Up 1.8 %

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 3.03, a P/E/G ratio of 1.13 and a beta of -0.39. The company has a 50 day simple moving average of $46.30 and a 200-day simple moving average of $56.15.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers's dividend payout ratio is presently 8.21%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TNK. Sanctuary Advisors LLC bought a new stake in shares of Teekay Tankers during the 2nd quarter worth approximately $1,775,000. Foundry Partners LLC increased its stake in shares of Teekay Tankers by 89.3% during the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company's stock worth $6,156,000 after purchasing an additional 49,853 shares during the period. Shariaportfolio Inc. bought a new position in Teekay Tankers during the 3rd quarter worth $3,498,000. Bank of New York Mellon Corp boosted its holdings in Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company's stock valued at $5,633,000 after purchasing an additional 11,535 shares during the period. Finally, Victory Capital Management Inc. grew its position in Teekay Tankers by 261.7% during the third quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company's stock worth $2,655,000 after buying an additional 32,983 shares in the last quarter. Institutional investors own 52.67% of the company's stock.

About Teekay Tankers

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.