Teekay Tankers (NYSE:TNK) Shares Gap Down - Here's What Happened

Key Points

• Teekay Tankers shares opened sharply lower, falling from a prior close of $98.76 to $95.48, despite trading well above the analyst consensus price target of $77.00.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating, although recent ratings included upgrades to Buy as well as downgrades to Hold.
• The company reported strong year-over-year earnings growth and a 51.35% net margin, but narrowly missed quarterly EPS and revenue estimates. Teekay also declared a $0.25 quarterly dividend, equal to a 1.0% annualized yield.

Shares of Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $98.76, but opened at $95.48. Teekay Tankers shares last traded at $95.8330, with a volume of 89,478 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings raised shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. Evercore restated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Zacks Research cut shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Teekay Tankers Price Performance

The company has a market cap of $3.31 billion, a P/E ratio of 5.63 and a beta of -0.19. The stock has a 50-day moving average of $85.32 and a 200 day moving average of $77.62.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued 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). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm had revenue of $258.26 million for the quarter, compared to the consensus estimate of $299.03 million. During the same period last year, the company posted $1.41 EPS. The business's revenue was up 32.6% on a year-over-year basis. Sell-side analysts predict that Teekay Tankers Ltd. will post 15.4 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently declared 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 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 Transactions at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,344 shares of Teekay Tankers stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total value of $734,400.00. Following the transaction, the director owned 7,344 shares in the company, valued at $734,400. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 dated Tuesday, August 18th. The stock was 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. The trade was a 74.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 14,561 shares of company stock valued at $1,380,350. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in TNK. 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. Integrated Wealth Concepts LLC acquired a new stake in Teekay Tankers in the second quarter valued at approximately $28,000. IFP Advisors Inc boosted its position in Teekay Tankers by 672.0% in the second quarter. IFP Advisors Inc now owns 1,212 shares of the shipping company's stock valued at $79,000 after buying an additional 1,055 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in Teekay Tankers in the second quarter valued at approximately $356,000. Finally, NEOS Investment Management LLC grew its stake in shares of Teekay Tankers by 41.4% during the second 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 last quarter. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Company Profile

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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