Teekay Tankers (NYSE:TNK) Reaches New 12-Month High - What's Next?

Key Points

• Teekay Tankers reached a new 52-week high, trading as high as $102.07 and giving the company a market capitalization of approximately $3.45 billion. Its shares have risen well above the 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $77, well below the recent trading price near $100. Recent ratings were mixed, including upgrades and downgrades.
• Teekay Tankers reported strong year-over-year revenue growth and $5.56 in quarterly EPS, though both EPS and revenue fell short of estimates. The company also paid a quarterly dividend of $0.25 per share, while two directors recently sold shares.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $102.07 and last traded at $99.8350, with a volume of 612970 shares. The stock had previously closed at $100.83.

Analysts Set New Price Targets

TNK has been the topic of several recent research reports. Zacks Research downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Bank of America boosted their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a research note on Wednesday, May 20th. Evercore restated an "outperform" rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $77.00.

Teekay Tankers Stock Down 1.0%

The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 5.88 and a beta of -0.19. The firm has a fifty day moving average price of $82.38 and a 200-day moving average price of $76.80.

Teekay Tankers (NYSE:TNK - Get Free Report) last released 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 business had revenue of $258.26 million during the quarter, compared to analyst estimates of $299.03 million. During the same quarter in the previous year, the company posted $1.41 earnings per share. The business's revenue for the quarter was up 32.6% compared to the same quarter last year. Equities research analysts anticipate that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

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

Insider Activity

In related news, Director Heidi Locke Simon sold 741 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total value of $66,690.00. Following the completion of the sale, the director directly owned 4,000 shares in the company, valued at approximately $360,000. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business'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 transaction of $569,160.00. Following the completion of the sale, the director owned 2,126 shares of the company's stock, valued at approximately $189,809.28. The trade was a 74.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently bought and sold shares of the stock. Baron Wealth Management LLC boosted its holdings in Teekay Tankers by 4.5% in the second quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company's stock valued at $266,000 after purchasing an additional 178 shares during the last quarter. Global Retirement Partners LLC increased its holdings in Teekay Tankers by 12.7% during the 4th quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company's stock worth $124,000 after purchasing an additional 262 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Teekay Tankers by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 4,392 shares of the shipping company's stock valued at $235,000 after purchasing an additional 283 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Teekay Tankers in the 2nd quarter valued at approximately $28,000. Finally, Strategic Global Advisors LLC boosted its stake in shares of Teekay Tankers by 1.3% during the 4th quarter. Strategic Global Advisors LLC now owns 34,557 shares of the shipping company's stock valued at $1,846,000 after buying an additional 428 shares during the last quarter. 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.

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