Teekay Tankers (NYSE:TNK) Downgraded by Bank of America to Neutral

Bank of America cut shares of Teekay Tankers (NYSE:TNK) from a buy rating to a neutral rating in a research note released on Friday, Marketbeat reports. They currently have $51.00 price target on the shipping company’s stock, down from their prior price target of $57.00.

Other equities analysts have also recently issued research reports about the stock. StockNews.com assumed coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating for the company. Evercore ISI boosted their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $72.00 price objective on shares of Teekay Tankers in a research report on Thursday, October 31st. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.33.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $46.58 on Friday. Teekay Tankers has a 52 week low of $45.92 and a 52 week high of $74.20. The firm’s 50-day simple moving average is $55.34 and its two-hundred day simple moving average is $61.20. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 3.82, a P/E/G ratio of 1.28 and a beta of -0.32.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, November 12th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.15%. Teekay Tankers’s dividend payout ratio is 8.21%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC raised its position in Teekay Tankers by 41.3% during the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after purchasing an additional 273,530 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Teekay Tankers by 485.2% during the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after buying an additional 247,489 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Teekay Tankers by 20.9% during the second 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 in the last quarter. American Century Companies Inc. lifted its stake in Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after acquiring an additional 93,788 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after acquiring an additional 80,217 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

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.