Teekay Tankers (NYSE:TNK) Shares Gap Up - Here's Why

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $42.11, but opened at $44.40. Teekay Tankers shares last traded at $45.00, with a volume of 183,833 shares trading hands.

Analysts Set New Price Targets

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

Teekay Tankers Trading Up 8.0 %

The stock's 50-day moving average price is $41.23 and its 200-day moving average price is $52.65. The company has a market capitalization of $1.56 billion, a P/E ratio of 3.73, a P/E/G ratio of 1.13 and a beta of -0.40.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. Teekay Tankers's dividend payout ratio is currently 8.21%.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Teekay Tankers during the second quarter worth about $43,000. CWM LLC grew its position in Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company's stock worth $57,000 after purchasing an additional 482 shares during the last quarter. Millburn Ridgefield Corp acquired a new stake in shares of Teekay Tankers in the third quarter valued at approximately $132,000. US Bancorp DE bought a new stake in shares of Teekay Tankers during the third quarter valued at approximately $231,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Teekay Tankers during the second quarter worth approximately $237,000. 52.67% of the stock is owned by institutional investors and hedge funds.

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.