Teekay Tankers (NYSE:TNK) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Teekay Tankers (NYSE:TNK) announced its quarterly earnings results on Wednesday. The shipping company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09, Zacks reports. The company had revenue of $158.78 million during the quarter, compared to analyst estimates of $179.70 million. Teekay Tankers had a return on equity of 10.63% and a net margin of 32.87%.The firm’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $1.50 earnings per share.

Teekay Tankers Trading Up 0.4%

NYSE:TNK traded up $0.26 on Thursday, reaching $72.80. 82,379 shares of the stock traded hands, compared to its average volume of 409,175. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 8.04 and a beta of -0.27. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $74.50. The company’s fifty day simple moving average is $60.01 and its 200 day simple moving average is $55.73.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, March 2nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, March 2nd. Teekay Tankers’s dividend payout ratio is 11.11%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore raised their target price on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Finally, Jefferies Financial Group upped their price target on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $65.00.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after purchasing an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Teekay Tankers by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock worth $546,000 after buying an additional 610 shares in the last quarter. Millennium Management LLC increased its holdings in Teekay Tankers by 24.9% in the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after buying an additional 50,815 shares in the last quarter. Prudential Financial Inc. raised its position in Teekay Tankers by 9.6% in the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after buying an additional 1,035 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in Teekay Tankers during the 2nd quarter valued at about $224,000. 52.67% of the stock is currently owned by hedge funds and other 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.