Teekay Tankers (NYSE:TNK) Shares Pass Above Two Hundred Day Moving Average - What's Next?

Key Points

• Teekay Tankers moved above its 200-day moving average during trading, a technical signal that may indicate improving momentum. The stock traded as high as $71.75 and last changed hands at about $71.60.
• Wall Street sentiment is generally constructive, with analysts setting a consensus “Moderate Buy” rating and an average price target of $77.00. Recent updates included a Zacks upgrade to strong-buy and target increases from firms like Bank of America and Evercore.
• The company reported solid fundamentals, including Q1 EPS of $3.69, a 42.6% net margin, and a low 8.13% dividend payout ratio on a quarterly dividend of $0.25 per share. However, a company director also recently sold a meaningful stake, while institutional ownership remains above 50%.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $69.70 and traded as high as $71.75. Teekay Tankers shares last traded at $71.6030, with a volume of 292,280 shares traded.

Analysts Set New Price Targets

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

Teekay Tankers Price Performance

The firm has a 50 day moving average price of $74.31 and a 200-day moving average price of $69.70. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 5.82 and a beta of -0.22.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings data 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, sell-side analysts expect that Teekay Tankers Ltd. will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

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

Insider Activity at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teekay Tankers during the 4th quarter worth $28,000. Kemnay Advisory Services Inc. acquired a new position in Teekay Tankers in the fourth quarter valued at about $33,000. Leonteq Securities AG acquired a new position in shares of Teekay Tankers in the 4th quarter valued at approximately $34,000. Global Trust Asset Management LLC bought a new position in Teekay Tankers in the first quarter valued at approximately $46,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock valued at $57,000 after buying an additional 1,032 shares in the last quarter. Institutional investors own 52.67% of the company's stock.

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.