Teekay Tankers (NYSE:TNK) Hits New 1-Year High – Time to Buy?

by · The Cerbat Gem

Teekay Tankers Ltd. (NYSE:TNK – Get Free Report)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $94.79 and last traded at $94.2840, with a volume of 33777 shares trading hands. The stock had previously closed at $92.33.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Bank of America upped their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Finally, Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.00.

View Our Latest Stock Report on Teekay Tankers

Teekay Tankers Trading Up 2.0%

The company has a market cap of $3.40 billion, a PE ratio of 5.79 and a beta of -0.19. The stock has a fifty day simple moving average of $81.09 and a two-hundred day simple moving average of $76.42.

Teekay Tankers (NYSE:TNK – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.61 by ($0.05). The business had revenue of $258.26 million during the quarter, compared to analysts’ expectations of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The company’s revenue was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 EPS. As a group, equities research analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. Teekay Tankers’s payout ratio is currently 5.89%.

Insider Activity

In other news, Director Rohit (Rk2) Kapoor sold 6,375 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the sale, the director directly owned 2,126 shares in the company, valued at approximately $189,809.28. This trade represents a 74.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the sale, the director owned 4,000 shares of the company’s stock, valued at approximately $360,000. The trade was a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after purchasing an additional 172 shares in the last quarter. Baron Wealth Management LLC grew its holdings in Teekay Tankers by 4.5% during the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock valued at $266,000 after purchasing an additional 178 shares in the last quarter. Boothbay Fund Management LLC grew its holdings in Teekay Tankers by 1.4% during the 4th 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. Global Retirement Partners LLC grew its holdings in Teekay Tankers by 12.7% during the 4th quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company’s stock valued at $124,000 after purchasing an additional 262 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Teekay Tankers by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 4,392 shares of the shipping company’s stock worth $235,000 after buying an additional 283 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

About Teekay Tankers

(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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