Teekay Tankers (NYSE:TNK) Earns Underperform Rating from Bank of America

Bank of America reaffirmed their underperform rating on shares of Teekay Tankers (NYSE:TNK) in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $46.00 price objective on the shipping company’s stock, down from their prior price objective of $51.00.

TNK has been the topic of a number of other reports. StockNews.com began coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They issued a “hold” rating on the stock. Evercore ISI boosted their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $72.00 price objective on shares of Teekay Tankers in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and an average price target of $67.67.

Teekay Tankers Stock Down 0.2 %

Shares of NYSE TNK opened at $44.06 on Wednesday. The company has a market capitalization of $1.51 billion, a PE ratio of 3.62, a PEG ratio of 1.28 and a beta of -0.32. The stock’s 50 day moving average price is $53.73 and its 200-day moving average price is $60.54. Teekay Tankers has a twelve month low of $43.49 and a twelve month high of $74.20.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, November 12th. Teekay Tankers’s dividend payout ratio (DPR) is currently 8.21%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TNK. Sei Investments Co. lifted its position in shares of Teekay Tankers by 47.2% during the first quarter. Sei Investments Co. now owns 72,591 shares of the shipping company’s stock worth $4,240,000 after acquiring an additional 23,281 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Teekay Tankers by 4.3% during the 1st quarter. Russell Investments Group Ltd. now owns 247,186 shares of the shipping company’s stock valued at $14,366,000 after buying an additional 10,260 shares in the last quarter. ProShare Advisors LLC bought a new stake in shares of Teekay Tankers during the first quarter valued at about $251,000. Bleakley Financial Group LLC lifted its holdings in shares of Teekay Tankers by 29.4% in the first quarter. Bleakley Financial Group LLC now owns 9,574 shares of the shipping company’s stock worth $559,000 after buying an additional 2,178 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Teekay Tankers by 9.1% in the first quarter. Vanguard Group Inc. now owns 187,115 shares of the shipping company’s stock valued at $10,929,000 after acquiring an additional 15,537 shares during the period. 52.67% of the stock is 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.