Teekay Tankers (NYSE:TNK) Reaches New 52-Week High – Here’s Why
by Amy Steele · The Cerbat GemTeekay Tankers Ltd. (NYSE:TNK – Get Free Report)’s share price reached a new 52-week high on Tuesday . The company traded as high as $82.34 and last traded at $82.4470, with a volume of 51702 shares trading hands. The stock had previously closed at $79.70.
Wall Street Analysts Forecast Growth
TNK has been the subject of a number of analyst reports. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Wall Street Zen raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Dnb Carnegie downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.00.
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Teekay Tankers Stock Performance
The business’s 50-day moving average price is $73.33 and its 200 day moving average price is $64.35. The company has a market cap of $2.86 billion, a P/E ratio of 8.20 and a beta of -0.21.
Teekay Tankers (NYSE:TNK – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The shipping company reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The company had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. During the same quarter last year, the firm posted $1.50 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis. Equities research analysts forecast that Teekay Tankers Ltd. will post 7.3 earnings per share for the current year.
Teekay Tankers Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Monday, March 2nd were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is 9.91%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fearnley Asset Management AS acquired a new stake in shares of Teekay Tankers during the 4th quarter worth about $17,890,000. Ameriprise Financial Inc. raised its stake in Teekay Tankers by 24.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after purchasing an additional 136,990 shares in the last quarter. Man Group plc acquired a new stake in Teekay Tankers in the 4th quarter worth about $5,264,000. Millennium Management LLC raised its stake in Teekay Tankers by 203.6% in the 4th quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock worth $7,820,000 after purchasing an additional 98,156 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Teekay Tankers in the 4th quarter worth about $5,174,000. 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.