Teekay Tankers Ltd. (NYSE:TNK) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts give Teekay Tankers a “Moderate Buy” consensus among eight ratings, with an average 12-month price target of $77.00.
• TNK shares opened at $100.67, near their 52-week high, while the company’s latest quarterly results slightly missed expectations: $5.56 EPS versus $5.61 expected and revenue of $258.26 million versus $299.03 million estimated.
• The company paid a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 1.0% yield; institutional investors own 52.67% of the stock.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $77.00.

TNK has been the subject of a number of research reports. Bank of America raised their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a report on Wednesday, May 20th. Evercore reissued an "outperform" rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. Finally, Zacks Research lowered shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th.

Teekay Tankers Stock Up 2.5%

Shares of TNK stock opened at $100.67 on Friday. Teekay Tankers has a twelve month low of $47.18 and a twelve month high of $100.91. The stock's fifty day simple moving average is $81.75 and its 200 day simple moving average is $76.59. The firm has a market capitalization of $3.48 billion, a P/E ratio of 5.93 and a beta of -0.19.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The firm had revenue of $258.26 million during the quarter, compared to the consensus estimate of $299.03 million. During the same quarter in the prior year, the business posted $1.41 earnings per share. Teekay Tankers's revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, equities research analysts expect that Teekay Tankers will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, August 10th. Teekay Tankers's dividend payout ratio (DPR) is currently 5.89%.

Insider Activity at Teekay Tankers

In related news, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the completion of the transaction, the director owned 4,000 shares of the company's stock, valued at $360,000. This trade represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total transaction of $569,160.00. Following the transaction, the director owned 2,126 shares in the company, valued at $189,809.28. The trade was a 74.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TNK. Lazard Asset Management LLC purchased a new position in shares of Teekay Tankers in the 1st quarter worth approximately $2,109,000. Arrowstreet Capital Limited Partnership increased its position in shares of Teekay Tankers by 367.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company's stock valued at $15,947,000 after acquiring an additional 170,940 shares during the last quarter. Fearnley Asset Management AS bought a new stake in Teekay Tankers during the fourth quarter worth $17,890,000. Mizuho Markets Americas LLC bought a new stake in Teekay Tankers during the first quarter worth $18,330,000. Finally, Amundi purchased a new position in Teekay Tankers in the first quarter worth $1,629,000. Hedge funds and other institutional investors own 52.67% of the company's stock.

About Teekay Tankers

Teekay Tankers Ltd. NYSE: TNK is a marine transportation company that owns and operates tankers used to transport crude oil, refined petroleum products and other liquid cargoes. Its fleet includes vessels serving the crude oil and product tanker segments, with operations focused on the international energy transportation market.

The company provides commercial and technical vessel management, chartering and transportation services to energy companies, commodity traders and other customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.