Teekay Tankers (NYSE:TNK) Shares Up 6.1% - Here's Why

Shares of Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) were up 6.1% during trading on Monday . The stock traded as high as $36.58 and last traded at $36.58. Approximately 87,763 shares traded hands during trading, a decline of 76% from the average daily volume of 359,731 shares. The stock had previously closed at $34.47.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a "buy" rating and issued a $55.00 target price on shares of Teekay Tankers in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Teekay Tankers Stock Performance

The stock has a market cap of $1.35 billion, a P/E ratio of 3.47 and a beta of -0.16. The firm's 50-day moving average is $38.75 and its two-hundred day moving average is $43.18.

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

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Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Monday, March 3rd. Teekay Tankers's dividend payout ratio is presently 8.83%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Voloridge Investment Management LLC lifted its stake in Teekay Tankers by 1,352.3% in the fourth quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company's stock valued at $9,658,000 after buying an additional 226,001 shares during the period. Royce & Associates LP bought a new stake in shares of Teekay Tankers in the 4th quarter valued at about $8,980,000. Millennium Management LLC acquired a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $8,110,000. Empowered Funds LLC bought a new position in Teekay Tankers during the 4th quarter worth approximately $7,248,000. Finally, Marshall Wace LLP grew its holdings in Teekay Tankers by 262.6% during the fourth quarter. Marshall Wace LLP now owns 216,805 shares of the shipping company's stock valued at $8,627,000 after purchasing an additional 157,015 shares during the period. 52.67% of the stock is currently owned by institutional investors.

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.