Teekay Tankers Ltd. (NYSE:TNK) Sees Large Growth in Short Interest

Key Points

• Short interest in Teekay Tankers surged 51.9% to 1.16 million shares as of September 15, representing 3.4% of shares outstanding and a days-to-cover ratio of 2.0.
• The stock opened at $98.76, near its 12-month high of $103.16, while the company’s latest quarter showed revenue growth of 32.6% year over year but missed analyst estimates for both revenue and EPS.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $77 price target; the company also pays a quarterly dividend of $0.25, yielding about 1.0% annually.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 1,163,260 shares, an increase of 51.9% from the August 31st total of 765,596 shares. Based on an average daily trading volume, of 568,865 shares, the days-to-cover ratio is currently 2.0 days. Currently, 3.4% of the company's shares are short sold.

Teekay Tankers Stock Performance

TNK opened at $98.76 on Thursday. The firm's fifty day moving average is $88.49 and its two-hundred day moving average is $78.78. The firm has a market cap of $3.41 billion, a PE ratio of 5.79 and a beta of -0.19. Teekay Tankers has a twelve month low of $47.18 and a twelve month high of $103.16.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (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 analyst estimates of $299.03 million. During the same period last year, the firm earned $1.41 EPS. Teekay Tankers's quarterly revenue was up 32.6% on a year-over-year basis. Equities analysts forecast that Teekay Tankers will post 15.4 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

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

Insider Buying and Selling

In other Teekay Tankers news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total value of $569,160.00. Following the transaction, the director directly owned 2,126 shares of the company's stock, valued at approximately $189,809.28. This trade represents a 74.99% decrease in their ownership of the stock. The sale 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 Teekay Tankers stock in a transaction 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 sale, the director directly owned 4,000 shares of the company's stock, valued at $360,000. This represents a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 14,561 shares of company stock valued at $1,380,350 over the last ninety days. Insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently modified their holdings of TNK. 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 in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Teekay Tankers during the 2nd quarter worth approximately $28,000. IFP Advisors Inc increased 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 purchasing an additional 1,055 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Teekay Tankers during the 2nd quarter worth approximately $356,000. Finally, NEOS Investment Management LLC raised its holdings 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 period. 52.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Zacks Research downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Evercore reiterated an "outperform" rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Wall Street Zen downgraded Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. Finally, Weiss Ratings raised Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.00.

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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