Teekay Tankers (NYSE:TNK) Reaches New 52-Week High - Here's Why

Key Points

• Teekay Tankers shares reached a new 52-week high, trading as high as $82.34 and last at $82.45 on a volume of about 51,702 shares.
• Analysts are mixed but leaning positive: the consensus rating is a Moderate Buy with a $80.00 average price target (Evercore's target is $90.00), while recent notes range from Hold to Buy/Outperform.
• Teekay beat quarterly estimates with EPS of $2.80 versus $2.71 expected and revenue of $258.27M (vs. $179.70M est.), the company has a P/E of 8.20 and pays a $0.25 quarterly dividend (≈1.2% yield).

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $82.34 and last traded at $82.4470, with a volume of 51702 shares. The stock had previously closed at $79.70.

Wall Street Analyst Weigh In

TNK has been the subject of several recent analyst reports. Wall Street Zen raised shares of Teekay Tankers from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. Dnb Carnegie downgraded shares of Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. Zacks Research lowered Teekay Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Evercore reissued an "outperform" rating and issued a $90.00 target price on shares of Teekay Tankers in a research note on Tuesday, April 21st. Finally, DNB Markets cut Teekay Tankers from a "buy" rating to a "hold" rating in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.00.

Teekay Tankers Price Performance

The company's 50-day moving average price is $73.33 and its 200-day moving average price is $64.35. The company has a market cap of $2.86 billion, a P/E ratio of 8.20 and a beta of -0.21.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The company had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. During the same quarter in the prior year, the firm earned $1.50 earnings per share. The firm's revenue was down .3% compared to the same quarter last year. On average, equities research analysts predict that Teekay Tankers Ltd. will post 7.3 EPS for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Monday, March 2nd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Teekay Tankers's dividend payout ratio is currently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers during the fourth quarter worth $33,000. Leonteq Securities AG bought a new stake in shares of Teekay Tankers during the fourth quarter worth $34,000. Global Trust Asset Management LLC bought a new stake in shares of Teekay Tankers during the first quarter worth $46,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Teekay Tankers during the third quarter worth $54,000. Institutional investors own 52.67% of the company's stock.

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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