Teekay Tankers (NYSE:TNK) Shares Up 6.5% – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNK) was up 6.5% on Tuesday . The company traded as high as $42.67 and last traded at $42.50. Approximately 142,764 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 378,193 shares. The stock had previously closed at $39.91.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TNK. Bank of America restated an “underperform” rating and set a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a research report on Wednesday, November 13th. Jefferies Financial Group reduced their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, StockNews.com assumed coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $63.67.

Teekay Tankers Trading Up 5.3 %

The company has a market cap of $1.44 billion, a price-to-earnings ratio of 3.45, a PEG ratio of 1.13 and a beta of -0.40. The company’s 50 day moving average price is $41.57 and its 200 day moving average price is $52.98.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Tuesday, November 12th. Teekay Tankers’s dividend payout ratio is presently 8.21%.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently modified their holdings of the business. Quarry LP acquired a new position in Teekay Tankers during the second quarter worth $43,000. CWM LLC raised its holdings in Teekay Tankers by 96.8% during the third 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 purchased a new stake in Teekay Tankers during the third quarter worth $132,000. US Bancorp DE acquired a new stake in Teekay Tankers in the third quarter valued at $231,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Teekay Tankers in the second quarter valued at $237,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.