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

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report)'s share price reached a new 52-week low on Friday . The stock traded as low as $34.25 and last traded at $34.47, with a volume of 11661 shares traded. The stock had previously closed at $36.64.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reiterated a "buy" rating and issued a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, February 20th. One equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.00.

Teekay Tankers Trading Down 8.3 %

The firm has a market cap of $1.18 billion, a PE ratio of 3.04 and a beta of -0.16. The firm has a fifty day simple moving average of $39.44 and a two-hundred day simple moving average of $43.85.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.01. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The company had revenue of $163.42 million for the quarter, compared to analysts' expectations of $158.26 million. Equities analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

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Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were paid a $0.25 dividend. The ex-dividend date was Monday, March 3rd. This represents a $1.00 annualized dividend and a yield of 2.90%. Teekay Tankers's payout ratio is 8.83%.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Voloridge Investment Management LLC lifted its position in Teekay Tankers by 1,352.3% during the 4th quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company's stock valued at $9,658,000 after acquiring an additional 226,001 shares during the period. Royce & Associates LP bought a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $8,980,000. Millennium Management LLC purchased a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $8,110,000. Empowered Funds LLC bought a new position in Teekay Tankers during the 4th quarter valued at approximately $7,248,000. Finally, Marshall Wace LLP boosted its holdings in Teekay Tankers by 262.6% in the fourth quarter. Marshall Wace LLP now owns 216,805 shares of the shipping company's stock worth $8,627,000 after acquiring an additional 157,015 shares in the last quarter. Hedge funds and other 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.