Teekay Tankers (NYSE:TNK) Stock Price Down 4.9% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price dropped 4.9% during mid-day trading on Monday . The stock traded as low as $46.01 and last traded at $45.27. Approximately 84,367 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 406,360 shares. The stock had previously closed at $47.59.

Wall Street Analyst Weigh In

TNK has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $55.00 price target on shares of Teekay Tankers in a research report on Thursday, May 8th. Evercore ISI reduced their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.67.

Teekay Tankers Stock Performance

The firm’s 50-day simple moving average is $42.85 and its 200 day simple moving average is $40.95. The company has a market cap of $1.58 billion, a P/E ratio of 4.06 and a beta of -0.03.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Wednesday, May 7th. The shipping company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.32). The business had revenue of $115.64 million for the quarter, compared to the consensus estimate of $146.31 million. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The business’s revenue was down 37.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.23 EPS. As a group, research analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Increases Dividend

The company also recently declared a — dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were issued a $1.00 dividend. This is a positive change from Teekay Tankers’s previous — dividend of $0.25. The ex-dividend date was Monday, May 19th. This represents a dividend yield of 2.3%. Teekay Tankers’s payout ratio is 10.72%.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of Teekay Tankers by 49.3% in the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company’s stock valued at $66,000 after buying an additional 568 shares during the period. TD Private Client Wealth LLC grew its holdings in shares of Teekay Tankers by 19.7% in the 1st quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company’s stock valued at $71,000 after buying an additional 304 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Teekay Tankers in the 4th quarter valued at $77,000. New Age Alpha Advisors LLC acquired a new position in shares of Teekay Tankers in the 4th quarter valued at $132,000. Finally, CWM LLC grew its holdings in shares of Teekay Tankers by 399.3% in the 1st quarter. CWM LLC now owns 3,480 shares of the shipping company’s stock valued at $133,000 after buying an additional 2,783 shares during the period. Institutional investors and hedge funds 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.