Teekay Tankers (NYSE:TNK) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Jefferies Financial Group upgraded Teekay Tankers' price target from $62.00 to $66.00, contributing to the stock reaching a new 52-week high of $56.48.
• The company reported an EPS of $1.41 for the last quarter, missing the consensus estimate, with revenue of $154.23 million compared to estimates of $162.67 million.
• Multiple analysts have rated Teekay Tankers, with one Strong Buy, two Buy, and two Hold ratings, reflecting a consensus rating of "Moderate Buy."

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) reached a new 52-week high on Monday after Jefferies Financial Group raised their price target on the stock from $62.00 to $66.00. Jefferies Financial Group currently has a buy rating on the stock. Teekay Tankers traded as high as $56.48 and last traded at $55.82, with a volume of 160358 shares. The stock had previously closed at $53.86.

A number of other analysts have also weighed in on TNK. Zacks Research raised shares of Teekay Tankers from a "strong sell" rating to a "hold" rating in a report on Monday, September 8th. Clarkson Capital raised shares of Teekay Tankers to a "strong-buy" rating in a report on Wednesday, October 8th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Teekay Tankers in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.33.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Teekay Tankers by 77.0% during the second quarter. GAMMA Investing LLC now owns 906 shares of the shipping company's stock worth $38,000 after purchasing an additional 394 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Teekay Tankers by 49.3% during the first quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock worth $66,000 after purchasing an additional 568 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of Teekay Tankers by 19.7% during the first quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company's stock worth $71,000 after purchasing an additional 304 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Teekay Tankers by 85.9% during the second quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company's stock worth $101,000 after purchasing an additional 1,123 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Teekay Tankers during the second quarter worth $129,000. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Price Performance

The business's 50-day moving average price is $50.05 and its two-hundred day moving average price is $45.63. The company has a market capitalization of $1.91 billion, a P/E ratio of 6.89 and a beta of -0.07.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). The company had revenue of $154.23 million during the quarter, compared to the consensus estimate of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same period in the prior year, the firm posted $3.11 earnings per share. Research analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 11th. Teekay Tankers's payout ratio is currently 12.42%.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.

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