Teekay Tankers (NYSE:TNK) Issues Earnings Results, Beats Expectations By $0.18 EPS

Key Points

• Teekay Tankers reported quarterly EPS of $5.04, beating analyst expectations of $4.86 by $0.18; net margin was 51.35%.
• Shares rose $3.43 to $89.13 during Wednesday’s trading. Analysts’ consensus rating was Hold, with an average price target of $95.50.
• Company insiders sold 14,561 shares worth about $1.38 million in the last quarter; insiders retain 1.90% ownership.

Teekay Tankers (NYSE:TNK - Get Free Report) released its quarterly earnings data on Wednesday. The shipping company reported $5.04 EPS for the quarter, beating analysts' consensus estimates of $4.86 by $0.18, Zacks reports. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%.

Teekay Tankers Price Performance

Teekay Tankers stock traded up $3.43 during trading hours on Wednesday, reaching $89.13. The company had a trading volume of 411,988 shares, compared to its average volume of 463,554. Teekay Tankers has a 12-month low of $50.94 and a 12-month high of $110.65. The company has a 50-day moving average price of $97.07 and a 200 day moving average price of $80.00. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 5.25 and a beta of -0.05.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,344 shares of the business'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 transaction, the director owned 7,344 shares in the company, valued at approximately $734,400. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Heidi Locke Simon sold 741 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the transaction, the director directly owned 4,000 shares of the company's stock, valued at approximately $360,000. This trade represents a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,561 shares of company stock valued at $1,380,350 in the last quarter. Insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings upgraded Teekay Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Evercore reissued an "outperform" rating and set a $116.00 price objective on shares of Teekay Tankers in a report on Tuesday, October 27th. Wall Street Zen downgraded Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. Finally, Zacks Research downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Teekay Tankers currently has an average rating of "Hold" and an average target price of $95.50.

About Teekay Tankers

Teekay Tankers Ltd. is an international marine transportation company that owns and operates tankers carrying crude oil and refined petroleum products. Its fleet includes crude-oil vessels such as Aframax and Suezmax tankers, as well as product carriers. The company serves customers in the global energy industry, including oil companies and commodity traders. Its vessels transport petroleum by sea on routes around the world, with employment through a mix of spot voyages and longer-term charter arrangements.

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