Teekay Tankers (NYSE:TNK) Shares Gap Down to $1.92

Shares of Teekay Tankers Ltd. (NYSE:TNK) gapped down before the market opened on Friday . The stock had previously closed at $1.96, but opened at $1.92. Teekay Tankers shares last traded at $1.89, with a volume of 2,486,786 shares.

A number of research firms recently weighed in on TNK. Jefferies Financial Group raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Wednesday, October 23rd. Zacks Investment Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating and set a $1.50 target price on the stock in a report on Friday, October 4th. Finally, ValuEngine downgraded Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $1.17.

The company has a 50 day moving average of $1.80 and a 200-day moving average of $1.33. The firm has a market capitalization of $492.81 million, a P/E ratio of -9.45, a P/E/G ratio of 4.64 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.61 and a debt-to-equity ratio of 0.95.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNK. FNY Investment Advisers LLC bought a new stake in Teekay Tankers in the 2nd quarter valued at $129,000. Chicago Equity Partners LLC bought a new stake in Teekay Tankers in the 2nd quarter valued at $182,000. SCP Investment LP bought a new stake in Teekay Tankers in the 2nd quarter valued at $256,000. Stone Ridge Asset Management LLC bought a new stake in Teekay Tankers in the 2nd quarter valued at $33,000. Finally, Wells Fargo & Company MN boosted its stake in Teekay Tankers by 107.6% in the 2nd quarter. Wells Fargo & Company MN now owns 2,972,612 shares of the shipping company’s stock valued at $3,804,000 after purchasing an additional 1,540,766 shares during the period. Institutional investors and hedge funds own 23.56% of the company’s stock.

About Teekay Tankers (NYSE:TNK)

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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