Teekay Tankers (NYSE:TNK) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Teekay Tankers shares rose above their 200-day moving average, reaching $96.57 before last trading near $94.52, compared with the average of $81.99.
• Analysts remain mixed: the stock has a consensus “Hold” rating and a $77 target price, despite several Buy or Outperform recommendations.
• The company reported strong year-over-year revenue growth and a 51.35% net margin, but narrowly missed quarterly earnings and revenue expectations; it also paid a $0.25 quarterly dividend, equal to a 1.1% yield.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $81.99 and traded as high as $96.57. Teekay Tankers shares last traded at $94.5240, with a volume of 311,005 shares trading hands.

Wall Street Analysts Forecast Growth

TNK has been the subject of several recent analyst reports. Wall Street Zen cut shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. Evercore reissued an "outperform" rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Teekay Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Finally, Zacks Research cut shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $77.00.

Teekay Tankers Stock Down 0.3%

The company has a market cap of $3.27 billion, a price-to-earnings ratio of 5.57 and a beta of -0.09. The company has a fifty day simple moving average of $95.40 and a two-hundred day simple moving average of $81.99.

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 for the quarter, missing analysts' consensus estimates of $5.61 by ($0.05). The firm had revenue of $258.26 million during the quarter, compared to analysts' expectations of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The company's quarterly revenue was up 32.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 EPS. On average, research analysts predict that Teekay Tankers Ltd. will post 15.40 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers's dividend payout ratio (DPR) is 5.89%.

Insider Buying and Selling at Teekay Tankers

In other Teekay Tankers news, Director Rohit (Rk2) Kapoor sold 6,375 shares of Teekay Tankers stock in a transaction dated 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 transaction, the director owned 2,126 shares in the company, valued at approximately $189,809.28. The trade was a 74.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers 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 of the company's stock, valued at approximately $360,000. The trade was a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 14,561 shares of company stock worth $1,380,350. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Teekay Tankers

Large investors have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Teekay Tankers in the third quarter valued at $300,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Teekay Tankers during the third quarter valued at $325,000. Contravisory Investment Management Inc. boosted its stake in shares of Teekay Tankers by 16.0% during the third quarter. Contravisory Investment Management Inc. now owns 4,417 shares of the shipping company's stock valued at $429,000 after acquiring an additional 608 shares during the last quarter. GAMMA Investing LLC increased its position in Teekay Tankers by 14.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,518 shares of the shipping company's stock worth $147,000 after purchasing an additional 188 shares in the last quarter. Finally, Engineers Gate Manager LP increased its position in Teekay Tankers by 1.4% during the 2nd 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 in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd. NYSE: TNK is a marine transportation company that owns and operates crude oil and refined petroleum product tankers. Its fleet serves energy companies, commodity traders, government entities and other customers that require the ocean transportation of liquid hydrocarbons.

The company's activities include vessel ownership, commercial management and technical operation of tankers. Teekay Tankers operates vessels under a combination of spot-market and time-charter arrangements, providing transportation services for crude oil, fuel oil, gasoline, jet fuel and other refined petroleum products.

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