Teekay Tankers (NYSE:TNK) Reaches New 12-Month High – Here’s Why

Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during trading on Tuesday . The company traded as high as $82.24 and last traded at $77.9670, with a volume of 1050371 shares trading hands. The stock had previously closed at $78.27.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Finally, Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Stock Performance

The firm has a market capitalization of $2.67 billion, a P/E ratio of 7.66 and a beta of -0.32. The stock has a 50 day moving average of $64.28 and a 200-day moving average of $57.87.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.09. The business had revenue of $158.78 million for the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.50 EPS. As a group, sell-side analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently announced 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 1.3%. The ex-dividend date is Monday, March 2nd. Teekay Tankers’s payout ratio is presently 9.91%.

Institutional Trading of Teekay Tankers

Large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in shares of Teekay Tankers by 10.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after purchasing an additional 172 shares during the last quarter. CWA Asset Management Group LLC grew its stake in Teekay Tankers by 1.5% in the 4th quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock worth $621,000 after buying an additional 176 shares in the last quarter. Glenorchy Capital Ltd grew its stake in Teekay Tankers by 0.5% in the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after buying an additional 198 shares in the last quarter. Boothbay Fund Management LLC increased its holdings in shares of Teekay Tankers by 1.4% in the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after buying an additional 214 shares during the last quarter. Finally, CWM LLC raised its position in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after buying an additional 216 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

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.