Teekay Tankers (NYSE:TNK) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Teekay Tankers shares moved above their 200-day moving average on Thursday, trading as high as $74 before last changing hands around $71.91.
• Wall Street sentiment is mixed but still moderately positive: the stock has a consensus rating of “Moderate Buy” and an average price target of $77, even as Bank of America kept an underperform rating and Evercore set a higher $86 target.
• The company recently reported strong fundamentals, including $3.69 EPS for the latest quarter and a 1.4% dividend yield; meanwhile, insider selling by a director and continued institutional ownership activity were also noted.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.44 and traded as high as $74.00. Teekay Tankers shares last traded at $71.9070, with a volume of 189,757 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an "underperform" rating in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Zacks Research upgraded Teekay Tankers from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 21st. Evercore reissued an "outperform" rating and set a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Finally, Wall Street Zen cut shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Teekay Tankers has an average rating of "Moderate Buy" and a consensus price target of $77.00.

Teekay Tankers Price Performance

The business has a fifty day moving average price of $73.33 and a two-hundred day moving average price of $70.44. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 5.85 and a beta of -0.22.

Teekay Tankers (NYSE:TNK - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, research analysts predict that Teekay Tankers Ltd. will post 13.75 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers's dividend payout ratio is currently 8.13%.

Insider Activity at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director directly owned 7,445 shares of the company's stock, valued at $532,540.85. The trade was a 48.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in shares of Teekay Tankers by 10.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company's stock valued at $98,000 after buying an additional 172 shares in the last quarter. CWA Asset Management Group LLC raised its position in shares of Teekay Tankers by 1.5% in the fourth quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company's stock valued at $621,000 after buying an additional 176 shares during the last quarter. Baron Wealth Management LLC raised its holdings in Teekay Tankers by 4.5% in the 2nd 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 last quarter. Glenorchy Capital Ltd grew its position in shares of Teekay Tankers by 0.5% in the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company's stock valued at $1,973,000 after purchasing an additional 198 shares in the last quarter. Finally, Boothbay Fund Management LLC grew its position in shares of Teekay Tankers by 1.4% in the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company's stock valued at $810,000 after purchasing an additional 214 shares in the last quarter. Hedge funds and other 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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