Teekay Tankers (NYSE:TNK) Shares Gap Down - Here's What Happened

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $47.16, but opened at $46.20. Teekay Tankers shares last traded at $46.13, with a volume of 75,847 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TNK. Bank of America reaffirmed an "underperform" rating and set a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a "hold" rating on the stock. Fearnley Fonds raised Teekay Tankers to a "strong-buy" rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reduced their price target on shares of Teekay Tankers from $72.00 to $60.00 and set a "buy" rating on the stock in a research note 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.67.

Teekay Tankers Stock Performance

The company has a market cap of $1.62 billion, a price-to-earnings ratio of 3.88, a P/E/G ratio of 1.13 and a beta of -0.40. The company has a fifty day moving average of $41.21 and a two-hundred day moving average of $52.06.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Tuesday, November 12th. Teekay Tankers's payout ratio is 8.21%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in Teekay Tankers by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company's stock worth $141,723,000 after buying an additional 13,330 shares during the period. FMR LLC lifted its holdings in shares of Teekay Tankers by 9.2% during the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company's stock worth $86,249,000 after purchasing an additional 124,659 shares during the period. Principal Financial Group Inc. grew its stake in shares of Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company's stock worth $52,815,000 after purchasing an additional 80,217 shares during the last quarter. American Century Companies Inc. increased its holdings in Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company's stock valued at $49,495,000 after purchasing an additional 93,788 shares during the period. Finally, Renaissance Technologies LLC raised its position in Teekay Tankers by 20.9% during the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company's stock worth $49,172,000 after purchasing an additional 123,500 shares during the last quarter. Institutional investors and hedge funds 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.