Teekay Tankers (NYSE:TNK) Price Target Lowered to $60.00 at Jefferies Financial Group

Teekay Tankers (NYSE:TNK) had its target price trimmed by Jefferies Financial Group from $72.00 to $60.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the shipping company’s stock.

Several other equities analysts also recently weighed in on the company. Evercore ISI raised their price objective on 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 raised Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com assumed coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating on the stock. Finally, 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 report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

NYSE TNK opened at $43.21 on Thursday. The firm’s fifty day moving average price is $53.35 and its 200 day moving average price is $60.36. Teekay Tankers has a 12 month low of $43.17 and a 12 month high of $74.20. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 3.55, a price-to-earnings-growth ratio of 1.29 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. Teekay Tankers’s dividend payout ratio (DPR) is 8.21%.

Institutional Trading of Teekay Tankers

Large investors have recently made changes to their positions in the stock. Sei Investments Co. lifted its holdings in Teekay Tankers by 47.2% in the 1st quarter. Sei Investments Co. now owns 72,591 shares of the shipping company’s stock valued at $4,240,000 after purchasing an additional 23,281 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Teekay Tankers by 4.3% during the first quarter. Russell Investments Group Ltd. now owns 247,186 shares of the shipping company’s stock worth $14,366,000 after acquiring an additional 10,260 shares during the last quarter. ProShare Advisors LLC purchased a new stake in Teekay Tankers in the 1st quarter worth approximately $251,000. Bleakley Financial Group LLC grew its stake in Teekay Tankers by 29.4% in the 1st quarter. Bleakley Financial Group LLC now owns 9,574 shares of the shipping company’s stock worth $559,000 after acquiring an additional 2,178 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Teekay Tankers by 9.1% in the 1st 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 last quarter. 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.