Teekay Tankers (NYSE:TNK) Hits New 1-Year High - What's Next?

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $90.32 and last traded at $89.25, with a volume of 471304 shares changing hands. The stock had previously closed at $89.11.

Analyst Ratings Changes

TNK has been the subject of several recent research reports. Bank of America boosted their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock 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 research note on Sunday, August 2nd. Zacks Research downgraded shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Evercore reissued an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Weiss Ratings upgraded shares of Teekay Tankers from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $77.00.

Teekay Tankers Stock Performance

The company has a 50 day moving average of $74.69 and a two-hundred day moving average of $73.66. The stock has a market capitalization of $3.08 billion, a PE ratio of 5.26 and a beta of -0.22.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing analysts' consensus estimates of $5.61 by ($0.05). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The business had revenue of $258.26 million during the quarter, compared to analysts' expectations of $299.03 million. During the same quarter last year, the business posted $1.41 earnings per share. The company's quarterly revenue was up 32.6% compared to the same quarter last year. As a group, research analysts predict that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

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

Insiders Place Their Bets

In other news, Director Rohit (Rk2) Kapoor sold 6,375 shares of Teekay Tankers stock in a transaction 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 completion of the sale, the director directly 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Simon Heidi Locke sold 741 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the sale, the director directly owned 4,000 shares in the company, valued at $360,000. This trade represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 14,147 shares of company stock valued at $1,138,777. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teekay Tankers in the fourth quarter valued at approximately $28,000. Kemnay Advisory Services Inc. purchased a new position in Teekay Tankers during the 4th quarter worth approximately $33,000. Leonteq Securities AG purchased a new position in Teekay Tankers during the 4th quarter worth approximately $34,000. Global Trust Asset Management LLC acquired a new stake in Teekay Tankers during the 1st quarter valued at approximately $46,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock valued at $57,000 after acquiring an additional 1,032 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

About Teekay Tankers

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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