Teekay Tankers (NYSE:TNK) Reaches New 52-Week High - Should You Buy?

Key Points

• Teekay Tankers reached a new 52-week high of $94.79, up 2.9%, giving the company a market capitalization of approximately $3.28 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $77, below the current trading price; ratings include one Strong Buy, three Buys, three Holds and one Sell.
• The company reported strong year-over-year earnings growth, though quarterly EPS and revenue fell short of estimates. Teekay also paid a $0.25 quarterly dividend, while two directors recently sold shares.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $94.79 and last traded at $94.2840, with a volume of 33777 shares trading hands. The stock had previously closed at $92.33.

Analysts Set New Price Targets

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

Teekay Tankers Trading Up 2.9%

The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 5.61 and a beta of -0.19. The company has a 50 day moving average of $79.84 and a 200 day moving average of $76.08.

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). The firm had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The company's revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.41 earnings per share. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers's dividend payout ratio (DPR) is presently 5.89%.

Insider Buying and Selling

In other Teekay Tankers news, Director Heidi Locke Simon sold 741 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total transaction of $66,690.00. Following the transaction, the director owned 4,000 shares in the company, valued at approximately $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 accessible 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 transaction, the director owned 2,126 shares of the company's stock, valued at approximately $189,809.28. This represents a 74.99% decrease in their position. The SEC filing for this sale provides additional information. 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 the business. PNC Financial Services Group Inc. lifted its stake in Teekay Tankers by 10.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company's stock valued at $98,000 after buying an additional 172 shares in the last quarter. Baron Wealth Management LLC boosted its holdings in shares of Teekay Tankers by 4.5% in the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company's stock valued at $266,000 after buying an additional 178 shares during the last quarter. Boothbay Fund Management LLC grew its holdings in Teekay Tankers by 1.4% during the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company's stock worth $810,000 after purchasing an additional 214 shares during the period. Global Retirement Partners LLC boosted its position in Teekay Tankers by 12.7% during the fourth 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 period. Finally, ProShare Advisors LLC grew its stake in 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 buying an additional 283 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company's fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.

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