Teekay Tankers (NYSE:TNK) Trading Up 7.3% - Time to Buy?

Key Points

• Teekay Tankers' stock price surged by 7.3%, reaching a recent high of $55.89, although trading volume was significantly lower than average.
• Equities analysts have upgraded Teekay Tankers, with Zacks raising its rating from "strong sell" to "hold" and Jefferies giving a "buy" rating with a price target of $55.00.
• The company has announced a quarterly dividend of $0.25, resulting in an annualized dividend yield of 1.8% and a low dividend payout ratio of 12.42%.

Teekay Tankers Ltd. (NYSE:TNK - Get Free Report) was up 7.3% during mid-day trading on Monday . The stock traded as high as $54.75 and last traded at $55.89. Approximately 87,210 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 516,582 shares. The stock had previously closed at $52.10.

Analyst Ratings Changes

Several analysts recently issued reports on TNK shares. Jefferies Financial Group reissued a "buy" rating and issued a $55.00 price target on shares of Teekay Tankers in a report on Thursday, July 31st. Zacks Research upgraded Teekay Tankers from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Teekay Tankers presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.67.

Teekay Tankers Trading Down 2.3%

The company has a market capitalization of $1.83 billion and a price-to-earnings ratio of 6.64. The firm has a 50-day moving average price of $47.32 and a 200-day moving average price of $43.71.

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

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Monday, August 11th. Teekay Tankers's payout ratio is presently 12.42%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TNK. GAMMA Investing LLC boosted its stake in Teekay Tankers by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company's stock worth $38,000 after purchasing an additional 394 shares during the period. Blue Trust Inc. lifted its holdings in shares of Teekay Tankers by 49.3% in the first quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock valued at $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% in the first quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company's stock worth $71,000 after buying an additional 304 shares during the period. Osaic Holdings Inc. raised its position in Teekay Tankers by 85.9% during the second quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company's stock valued at $101,000 after buying an additional 1,123 shares during the period. Finally, State of Wyoming purchased a new stake in Teekay Tankers in the 2nd quarter worth about $129,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.