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

Teekay Tankers Ltd. (NYSE:TNK) 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 traded.

Analysts Set New Price Targets

TNK has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating for the company. Jefferies Financial Group reduced their price objective on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Bank of America restated an “underperform” rating and set a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a research note on Wednesday, November 13th. Finally, Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

Teekay Tankers Trading Up 8.8 %

The business has a 50-day moving average price of $41.23 and a 200-day moving average price of $52.65. The stock has a market cap of $1.57 billion, a PE ratio of 3.76, a price-to-earnings-growth ratio of 1.13 and a beta of -0.40.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a $0.25 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 annualized dividend and a dividend yield of 2.18%. Teekay Tankers’s dividend payout ratio (DPR) is 8.21%.

Institutional Trading of Teekay Tankers

Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Teekay Tankers by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock worth $141,723,000 after purchasing an additional 13,330 shares during the last quarter. FMR LLC lifted its stake in shares of Teekay Tankers by 9.2% in the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock worth $86,249,000 after buying an additional 124,659 shares in the last quarter. Principal Financial Group Inc. boosted its position in Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after acquiring an additional 80,217 shares during the last quarter. American Century Companies Inc. grew its stake in Teekay Tankers by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after acquiring an additional 93,788 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Teekay Tankers by 20.9% in the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after acquiring an additional 123,500 shares during the last quarter. 52.67% of the stock is currently owned by hedge funds and other 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.