Teekay Tankers (TNK) Shares Gap Up on Earnings Beat

Teekay Tankers Ltd. (NYSE:TNK)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $1.23, but opened at $1.23. Teekay Tankers shares last traded at $1.23, with a volume of 951613 shares trading hands.

The shipping company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company had revenue of $105.20 million during the quarter, compared to analyst estimates of $87.10 million. Teekay Tankers had a negative net margin of 13.78% and a negative return on equity of 2.23%. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Investors of record on Monday, March 5th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 9.52%. The ex-dividend date is Friday, March 2nd. Teekay Tankers’s payout ratio is presently -36.36%.

Several equities research analysts recently commented on TNK shares. Seaport Global Securities set a $3.00 price target on shares of Teekay Tankers and gave the stock a “buy” rating in a report on Thursday, January 4th. ValuEngine lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Bank of America cut their price target on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating for the company in a report on Friday, November 10th. Finally, Morgan Stanley cut their price target on shares of Teekay Tankers from $2.00 to $1.30 and set an “equal weight” rating for the company in a report on Monday, February 12th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $1.82.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nationwide Fund Advisors boosted its stake in Teekay Tankers by 10.4% during the 2nd quarter. Nationwide Fund Advisors now owns 79,553 shares of the shipping company’s stock worth $150,000 after purchasing an additional 7,500 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Teekay Tankers by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 393,015 shares of the shipping company’s stock worth $739,000 after purchasing an additional 9,066 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Teekay Tankers by 4.1% during the 2nd quarter. Wells Fargo & Company MN now owns 237,561 shares of the shipping company’s stock worth $446,000 after purchasing an additional 9,272 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Teekay Tankers by 21.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 53,279 shares of the shipping company’s stock worth $100,000 after purchasing an additional 9,526 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in Teekay Tankers by 5.7% during the 2nd quarter. Teachers Advisors LLC now owns 229,577 shares of the shipping company’s stock worth $432,000 after purchasing an additional 12,377 shares during the last quarter. 35.07% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.73, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $337.93, a P/E ratio of -3.82 and a beta of 2.18.

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About Teekay Tankers

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.

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