Teekay Tankers (NYSE:TNK) Hits New 1-Year High - Here's Why

Key Points

• Teekay Tankers hit a new 52-week high, trading as high as $84.09 after closing at $80.89. The company has a $2.87 billion market capitalization and trades at a low price-to-earnings ratio of 4.89.
• Analyst sentiment remains favorable overall, with a consensus “Moderate Buy” rating and a $77.00 price target, although recent reports included both upgrades and downgrades.
• Teekay Tankers reported $3.69 in quarterly earnings per share and announced a quarterly dividend of $0.25, equivalent to a $1.00 annualized payout and a 1.2% yield. Institutional investors and hedge funds own 52.67% of the company.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $84.09 and last traded at $84.1680, with a volume of 64041 shares trading hands. The stock had previously closed at $80.89.

Wall Street Analysts Forecast Growth

TNK has been the topic of several recent analyst reports. Zacks Research lowered Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. 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. Bank of America boosted their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a report on Wednesday, May 20th. Evercore reiterated an "outperform" rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Teekay Tankers Price Performance

The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 4.89 and a beta of -0.22. The stock has a 50-day moving average price of $73.47 and a 200-day moving average price of $72.97.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. Equities analysts forecast that Teekay Tankers Ltd. will post 15.4 earnings per share for the current year.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, August 10th. Teekay Tankers's payout ratio is currently 5.89%.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director directly owned 7,445 shares of the company's stock, valued at $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds have recently bought and sold shares of the stock. Great Lakes Advisors LLC acquired a new stake in Teekay Tankers during the 2nd quarter worth approximately $3,439,000. Contravisory Investment Management Inc. acquired a new stake in shares of Teekay Tankers during the second quarter worth $247,000. Baron Wealth Management LLC boosted its position in shares of 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 acquiring an additional 178 shares during the period. NewEdge Advisors LLC raised its stake in Teekay Tankers by 7,218.9% in the 1st quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company's stock worth $284,000 after purchasing an additional 3,826 shares in the last quarter. Finally, Amundi bought a new stake in Teekay Tankers in the 1st quarter valued at about $1,629,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source