Teekay Tankers (NYSE:TNK) Trading Up 6.7% – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNK) shares rose 6.7% during trading on Wednesday . The stock traded as high as $57.56 and last traded at $57.09. Approximately 126,695 shares were traded during trading, a decline of 65% from the average daily volume of 360,739 shares. The stock had previously closed at $53.49.

Analyst Ratings Changes

TNK has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Jefferies Financial Group upped their target price on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Evercore ISI upped their price objective on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $65.00.

Teekay Tankers Price Performance

The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 6.55 and a beta of -0.25. The business’s fifty day simple moving average is $57.10 and its 200 day simple moving average is $51.54.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.04. The firm had revenue of $229.02 million for the quarter, compared to analyst estimates of $133.65 million. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 earnings per share. Equities research analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Monday, November 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, November 10th. Teekay Tankers’s dividend payout ratio (DPR) is 11.11%.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in Teekay Tankers by 5.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,374 shares of the shipping company’s stock valued at $341,000 after purchasing an additional 349 shares in the last quarter. CWA Asset Management Group LLC grew its holdings in shares of Teekay Tankers by 1.5% during the fourth quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock valued at $621,000 after buying an additional 176 shares during the last quarter. Hudson Bay Capital Management LP increased its position in shares of Teekay Tankers by 5.2% during the third quarter. Hudson Bay Capital Management LP now owns 76,402 shares of the shipping company’s stock worth $3,862,000 after acquiring an additional 3,795 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Teekay Tankers in the 3rd quarter worth about $63,000. Finally, Coldstream Capital Management Inc. lifted its position in Teekay Tankers by 78.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,610 shares of the shipping company’s stock valued at $587,000 after acquiring an additional 5,110 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Company Profile

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.