Teekay Tankers (NYSE:TNK) PT Raised to $76.00

Teekay Tankers (NYSE:TNK - Free Report) had its price target increased by Jefferies Financial Group from $70.00 to $76.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the shipping company's stock.

TNK has been the topic of several other reports. StockNews.com raised shares of Teekay Tankers from a hold rating to a buy rating in a research note on Thursday, March 21st. Bank of America upgraded Teekay Tankers from a neutral rating to a buy rating and lifted their price objective for the company from $56.00 to $72.00 in a research report on Friday, January 19th. Finally, Evercore ISI lowered their target price on Teekay Tankers from $77.00 to $73.00 and set an outperform rating for the company in a research note on Friday, February 23rd.

Teekay Tankers Price Performance

NYSE:TNK traded up $5.73 during mid-day trading on Thursday, hitting $69.27. The company's stock had a trading volume of 777,227 shares, compared to its average volume of 423,533. The company has a current ratio of 4.40, a quick ratio of 4.02 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average of $57.14 and a 200-day moving average of $54.72. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 4.55, a P/E/G ratio of 1.41 and a beta of -0.27. Teekay Tankers has a fifty-two week low of $35.00 and a fifty-two week high of $69.76.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings results on Thursday, February 22nd. The shipping company reported $2.87 earnings per share for the quarter, missing analysts' consensus estimates of $3.68 by ($0.81). The company had revenue of $194.46 million during the quarter, compared to the consensus estimate of $219.93 million. Teekay Tankers had a net margin of 37.65% and a return on equity of 36.16%. As a group, equities analysts forecast that Teekay Tankers will post 14.25 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, March 4th were given a dividend of $0.25 per share. The ex-dividend date was Friday, March 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.44%. Teekay Tankers's payout ratio is currently 6.73%.

Institutional Investors Weigh In On Teekay Tankers

Institutional investors have recently modified their holdings of the business. Tucker Asset Management LLC bought a new position in Teekay Tankers during the fourth quarter worth about $38,000. PNC Financial Services Group Inc. grew its holdings in Teekay Tankers by 666.7% during the third quarter. PNC Financial Services Group Inc. now owns 1,495 shares of the shipping company's stock valued at $62,000 after purchasing an additional 1,300 shares during the period. Assetmark Inc. increased its stake in Teekay Tankers by 175.0% in the third quarter. Assetmark Inc. now owns 1,510 shares of the shipping company's stock valued at $63,000 after purchasing an additional 961 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Teekay Tankers during the fourth quarter worth $80,000. Finally, Dark Forest Capital Management LP acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $210,000. 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.