Teekay Tankers Ltd. (NYSE:TNK) has tumbled 8.57% during the past week and has dropped 5.33% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 7.47%. Teekay Tankers Ltd. (NYSE:TNK) has underperformed the index by 6.19% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Teekay Tankers Ltd. (NYSE:TNK): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $3.11 and $3.10 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $3.24. The buying momentum continued till the end and the stock did not give up its gains. It closed at $3.20, notching a gain of 3.90% for the day. The total traded volume was 2,384,042 . The stock had closed at $3.08 on the previous day.
The company shares have dropped -58.33% from its 1 Year high price. On Oct 21, 2015, the shares registered one year high at $8.53 and the one year low was seen on Jun 16, 2016. The 50-Day Moving Average price is $3.62 and the 200 Day Moving Average price is recorded at $4.50.
Many analysts have stated their opinion on the company shares. Equity analysts at the Brokerage firm Bank of America downgrades its rating on Teekay Tankers Ltd. (NYSE:TNK). The rating major has initiated the coverage with underperform rating on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. The rating by the firm was issued on May 20, 2016. Institutional Investors own 54.98% of Teekay Tankers Ltd. shares.
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Companys business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers. The Companys chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers. The Company also operates one 50% owned very large crude carrier (VLCC). The Companys operations are managed by Teekay Tankers Management Services Ltd., which provides the Company with commercial, technical, administrative and strategic services.