Teekay Tankers (NYSE:TNK) Announces Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Teekay Tankers (NYSE:TNK) issued its quarterly earnings results on Wednesday. The shipping company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.19, FiscalAI reports. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The company had revenue of $286.09 million during the quarter, compared to analysts’ expectations of $212.51 million. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was up 23.5% on a year-over-year basis.

Teekay Tankers Stock Up 1.1%

Shares of NYSE:TNK opened at $78.46 on Thursday. The business’s 50 day moving average is $74.12 and its 200 day moving average is $65.64. Teekay Tankers has a 12-month low of $41.05 and a 12-month high of $83.99. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 7.66 and a beta of -0.21.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Teekay Tankers’s payout ratio is presently 9.91%.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new stake in Teekay Tankers in the 4th quarter valued at about $33,000. Aster Capital Management DIFC Ltd boosted its position in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Teekay Tankers during the 3rd quarter valued at $63,000. PNC Financial Services Group Inc. raised its stake in shares of Teekay Tankers by 10.4% during the 4th 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 period. Finally, Osaic Holdings Inc. boosted its holdings in shares of Teekay Tankers by 85.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after buying an additional 1,123 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TNK has been the topic of several research reports. Evercore reiterated an “outperform” rating and set a $90.00 price objective on shares of Teekay Tankers in a report on Tuesday, April 21st. Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Finally, DNB Markets lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.00.

About Teekay Tankers

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.