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

Bank of America reissued their underperform rating on shares of Teekay Tankers (NYSE:TNK) in a research note published on Wednesday morning, Marketbeat Ratings reports. Bank of America currently has a $46.00 price objective on the shipping company’s stock, down from their previous price objective of $51.00.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $72.00 price objective on shares of Teekay Tankers in a research report on Thursday, October 31st. StockNews.com started coverage on Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating for the company. Evercore ISI increased their price objective on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Teekay Tankers presently has a consensus rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Stock Down 3.6 %

Shares of NYSE:TNK opened at $43.22 on Wednesday. Teekay Tankers has a fifty-two week low of $43.17 and a fifty-two week high of $74.20. The firm’s 50 day moving average price is $53.35 and its 200 day moving average price is $60.32. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 3.55, a price-to-earnings-growth ratio of 1.28 and a beta of -0.32.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Tuesday, November 12th. Teekay Tankers’s payout ratio is 8.21%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TNK. Sanctuary Advisors LLC purchased a new stake in shares of Teekay Tankers in the second quarter valued at about $1,775,000. Shariaportfolio Inc. purchased a new stake in Teekay Tankers during the 3rd quarter valued at approximately $3,498,000. O Shaughnessy Asset Management LLC lifted its position in Teekay Tankers by 51.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,846 shares of the shipping company’s stock worth $3,379,000 after acquiring an additional 19,752 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock valued at $5,633,000 after purchasing an additional 11,535 shares during the last quarter. Finally, Unison Advisors LLC acquired a new position in shares of Teekay Tankers in the third quarter valued at approximately $740,000. 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.