Teekay Tankers (NYSE:TNK) Trading Down 6.8% – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s share price traded down 6.8% during mid-day trading on Thursday . The company traded as low as $71.34 and last traded at $71.1850. 139,671 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 476,047 shares. The stock had previously closed at $76.34.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TNK. Evercore restated an “outperform” rating and set a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Finally, Bank of America raised their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Trading Down 8.2%

The company’s fifty day moving average is $75.70 and its 200-day moving average is $68.73. The firm has a market capitalization of $2.42 billion, a P/E ratio of 5.71 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, equities research analysts anticipate that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers’s dividend payout ratio (DPR) is currently 8.13%.

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers during the 4th quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Teekay Tankers in the fourth quarter valued at about $33,000. Leonteq Securities AG acquired a new position in Teekay Tankers during the 4th quarter worth about $34,000. Global Trust Asset Management LLC bought a new stake in Teekay Tankers during the 1st quarter worth about $46,000. Finally, Aster Capital Management DIFC Ltd grew its holdings in Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after acquiring an additional 1,032 shares during the last quarter. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.