Teekay Tankers (NYSE:TNK) Trading Down 5% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) shares fell 5% on Thursday . The company traded as low as $68.74 and last traded at $68.0720. Approximately 15,721 shares were traded during trading, a decline of 97% from the average session volume of 474,063 shares. The stock had previously closed at $71.69.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TNK shares. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Bank of America raised their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Wall Street Zen downgraded shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Wednesday, June 24th. Finally, Evercore restated an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Teekay Tankers Stock Down 4.9%

The business has a 50-day simple moving average of $74.31 and a 200-day simple moving average of $69.70. The stock has a market cap of $2.36 billion, a P/E ratio of 5.54 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, analysts predict that Teekay Tankers Ltd. will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio (DPR) is 8.13%.

Insider Buying and Selling

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director owned 7,445 shares of the company’s stock, valued at $532,540.85. The trade was a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors have recently made changes to their positions in the business. Baron Wealth Management LLC boosted its stake in Teekay Tankers by 4.5% during the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock valued at $266,000 after purchasing an additional 178 shares during the period. NewEdge Advisors LLC increased its position in Teekay Tankers by 7,218.9% in the 1st quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company’s stock worth $284,000 after buying an additional 3,826 shares during the period. Amundi bought a new position in Teekay Tankers in the 1st quarter worth approximately $1,629,000. Empowered Funds LLC lifted its holdings in shares of Teekay Tankers by 21.1% during the first quarter. Empowered Funds LLC now owns 191,472 shares of the shipping company’s stock worth $14,039,000 after buying an additional 33,302 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Teekay Tankers by 12.5% during the first quarter. Quantinno Capital Management LP now owns 7,455 shares of the shipping company’s stock worth $547,000 after buying an additional 830 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.