Teekay Tankers Ltd. (NYSE:TNK) Stock Has Consensus Target Price of $77.00 According to Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Teekay Tankers, with three Buy, three Hold and one Sell recommendation. The average 12-month price target is $77, below the reported share price of $102.23.
• Teekay Tankers reported quarterly EPS of $5.56, slightly below the $5.61 consensus estimate, while revenue of $258.26 million missed the $299.03 million forecast. Revenue nevertheless increased 32.6% year over year.
• Insiders sold 14,561 shares worth $1.38 million over the past 90 days, while institutional investors and hedge funds own 52.67% of the stock. The company also declared a quarterly dividend of $0.25 per share, representing a 1.0% annualized yield.

Shares of Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) have been given a consensus rating of "Hold" by the seven research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $77.00.

TNK has been the topic of a number of analyst reports. Zacks Research downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Wall Street Zen cut Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. Evercore reaffirmed an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th.

Insider Activity

In other news, Director David Schellenberg sold 7,344 shares of the firm's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $100.00, for a total value of $734,400.00. Following the sale, the director directly owned 7,344 shares in the company, valued at approximately $734,400. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total transaction of $66,690.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at approximately $360,000. The trade was a 15.63% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 14,561 shares of company stock worth $1,380,350. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP lifted its holdings in shares of Teekay Tankers by 1.4% during the 2nd quarter. Engineers Gate Manager LP now owns 55,028 shares of the shipping company's stock valued at $3,570,000 after purchasing an additional 786 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Teekay Tankers in the 2nd quarter worth $28,000. IFP Advisors Inc grew its stake in Teekay Tankers by 672.0% during the 2nd quarter. IFP Advisors Inc now owns 1,212 shares of the shipping company's stock worth $79,000 after buying an additional 1,055 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in Teekay Tankers during the 2nd quarter worth $356,000. Finally, NEOS Investment Management LLC grew its stake in Teekay Tankers by 41.4% during the 2nd quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company's stock worth $16,584,000 after buying an additional 74,894 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Stock Performance

NYSE TNK opened at $102.23 on Thursday. The company has a market cap of $3.53 billion, a PE ratio of 6.02 and a beta of -0.09. The firm's 50 day moving average price is $91.06 and its 200-day moving average price is $80.07. Teekay Tankers has a 52-week low of $47.18 and a 52-week high of $105.50.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing analysts' consensus estimates of $5.61 by ($0.05). The business had revenue of $258.26 million during the quarter, compared to the consensus estimate of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The business's quarterly revenue was up 32.6% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. On average, analysts forecast that Teekay Tankers will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

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

Teekay Tankers Company Profile

Teekay Tankers Ltd. NYSE: TNK is a marine transportation company focused on the international shipment of crude oil and refined petroleum products. The company owns and operates a fleet of conventional and specialized tankers that transport energy commodities for oil companies, refiners, commodity traders and other customers.

Its fleet has included crude oil tankers in segments such as Aframax and Suezmax, as well as product tankers used to carry refined fuels. Teekay Tankers generates revenue through vessel chartering arrangements and commercial pool and voyage activities, serving routes across major global oil-trading regions.

Teekay Tankers was established in 2007 as part of the Teekay group and is affiliated with Teekay Corporation, a marine energy transportation company.

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