Brokerages Set Teekay Tankers Ltd. (NYSE:TNK) PT at $77.00

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been assigned an average rating of “Hold” from the eight research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $77.00.

Several research analysts have recently weighed in on the company. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Bank of America upped their target price on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Finally, Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th.

Insider Transactions at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Teekay Tankers

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

Teekay Tankers Stock Up 2.4%

TNK opened at $79.22 on Friday. Teekay Tankers has a twelve month low of $41.77 and a twelve month high of $83.99. The company has a fifty day moving average of $72.68 and a 200-day moving average of $71.92. The stock has a market cap of $2.74 billion, a PE ratio of 4.67 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last released its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. Sell-side analysts anticipate that Teekay Tankers will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, August 10th. Teekay Tankers’s payout ratio is presently 5.89%.

About Teekay Tankers

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.