Teekay Tankers (NYSE:TNK) Issues Quarterly Earnings Results, Beats Expectations By $0.15 EPS

by · The Cerbat Gem

Teekay Tankers (NYSE:TNK – Get Free Report) posted its earnings results on Wednesday. The shipping company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.15, FiscalAI reports. The firm had revenue of $286.09 million during the quarter, compared to analysts’ expectations of $214.11 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.

Teekay Tankers Stock Down 2.9%

TNK traded down $2.32 during trading on Wednesday, hitting $77.74. 493,230 shares of the stock were exchanged, compared to its average volume of 513,515. The firm has a market capitalization of $2.69 billion, a P/E ratio of 7.70 and a beta of -0.21. Teekay Tankers has a 1-year low of $41.05 and a 1-year high of $83.99. The stock has a fifty day moving average price of $74.12 and a two-hundred day moving average price of $65.51.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders 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 yield of 1.3%. Teekay Tankers’s payout ratio is 9.91%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new position in Teekay Tankers during the fourth quarter worth approximately $33,000. Aster Capital Management DIFC Ltd increased its holdings in shares of 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 purchasing an additional 1,032 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Teekay Tankers in the third quarter valued at approximately $63,000. PNC Financial Services Group Inc. increased its holdings 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 purchasing an additional 172 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of Teekay Tankers in the third quarter valued at approximately $111,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Analyst Upgrades and Downgrades

TNK has been the subject of several recent analyst reports. Wall Street Zen upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Evercore restated an “outperform” rating and set 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 investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.00.

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Teekay Tankers Company Profile

(Get Free Report)

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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