Teekay Tankers (NYSE:TNK) Sets New 1-Year High - Here's What Happened

Key Points

• Teekay Tankers shares reached a new 52-week high of $103.38, up from a prior close of $101.01. The stock has a market capitalization of $3.53 billion and trades at a price-to-earnings ratio of 6.02.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $77.00. Recent ratings ranged from “Sell” to “Strong Buy,” despite the current share price being well above the consensus target.
• Quarterly EPS of $5.56 narrowly missed estimates, while revenue of $258.26 million increased 32.6% year over year but fell short of expectations. Teekay Tankers also paid a quarterly dividend of $0.25, equivalent to a 1.0% annualized yield.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report)'s stock price reached a new 52-week high on Friday. The company traded as high as $103.38 and last traded at $103.0610, with a volume of 273943 shares. The stock had previously closed at $101.01.

Analyst Ratings Changes

A number of research analysts recently issued reports on TNK shares. Evercore restated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Zacks Research lowered Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Wall Street Zen cut 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 report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Teekay Tankers presently has an average rating of "Moderate Buy" and an average target price of $77.00.

Teekay Tankers Stock Up 1.2%

The business has a 50-day simple moving average of $89.00 and a 200-day simple moving average of $79.05. The company has a market cap of $3.53 billion, a PE ratio of 6.02 and a beta of -0.09.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $299.03 million. During the same quarter in the prior year, the firm posted $1.41 EPS. Teekay Tankers's quarterly revenue was up 32.6% compared to the same quarter last year. As a group, equities research analysts predict that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

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

Insider Activity at Teekay Tankers

In other Teekay Tankers news, Director Heidi Locke Simon sold 741 shares of the firm'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 transaction, the director owned 4,000 shares of the company's stock, valued at $360,000. This trade represents a 15.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the transaction, the director owned 2,126 shares of the company's stock, valued at approximately $189,809.28. This trade represents a 74.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 14,561 shares of company stock worth $1,380,350. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Baron Wealth Management LLC raised its position 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 worth $266,000 after acquiring an additional 178 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Teekay Tankers during the 2nd quarter valued at about $28,000. Strategic Global Advisors LLC grew its stake in shares of Teekay Tankers by 1.3% during the fourth quarter. Strategic Global Advisors LLC now owns 34,557 shares of the shipping company's stock valued at $1,846,000 after acquiring an additional 428 shares in the last quarter. Global Trust Asset Management LLC acquired a new position in Teekay Tankers during the 1st quarter worth $46,000. Finally, Engineers Gate Manager LP lifted its stake in Teekay Tankers by 1.4% during the second quarter. Engineers Gate Manager LP now owns 55,028 shares of the shipping company's stock worth $3,570,000 after purchasing an additional 786 shares during the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

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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