Teekay Tankers (NYSE:TNK) Shares Gap Down – Time to Sell?

by · The Markets Daily

Teekay Tankers Ltd. (NYSE:TNK – Get Free Report)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $98.76, but opened at $95.48. Teekay Tankers shares last traded at $95.8330, with a volume of 89,478 shares.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TNK shares. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Weiss Ratings raised Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

View Our Latest Stock Report on Teekay Tankers

Teekay Tankers Stock Performance

The stock has a market capitalization of $3.31 billion, a P/E ratio of 5.63 and a beta of -0.19. The stock’s fifty day simple moving average is $85.32 and its two-hundred day simple moving average is $77.62.

Teekay Tankers (NYSE:TNK – Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. Teekay Tankers’s revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.41 EPS. As a group, analysts expect that Teekay Tankers Ltd. will post 15.4 earnings per share 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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s dividend payout ratio is presently 5.89%.

Insider Buying and Selling

In related news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the transaction, the director directly owned 2,126 shares of the company’s stock, valued at $189,809.28. This trade represents a 74.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Schellenberg sold 7,344 shares of Teekay Tankers stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total value of $734,400.00. Following the transaction, the director directly owned 7,344 shares in the company, valued at $734,400. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 14,561 shares of company stock valued at $1,380,350 in the last three months. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new stake in Teekay Tankers during the 1st quarter worth about $2,109,000. Arrowstreet Capital Limited Partnership grew its stake in Teekay Tankers by 367.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after purchasing an additional 170,940 shares during the period. NEOS Investment Management LLC grew its stake in Teekay Tankers by 41.4% during the second quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company’s stock worth $16,584,000 after purchasing an additional 74,894 shares during the period. Fearnley Asset Management AS bought a new stake in Teekay Tankers in the fourth quarter worth approximately $17,890,000. Finally, Mizuho Markets Americas LLC bought a new stake in Teekay Tankers in the first quarter worth approximately $18,330,000. Institutional investors own 52.67% of the company’s stock.

About Teekay Tankers

(Get Free Report)

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company that owns and operates tankers used to transport crude oil, refined petroleum products and other liquid cargoes. Its fleet includes vessels serving the crude oil and product tanker segments, with operations focused on the international energy transportation market.

The company provides commercial and technical vessel management, chartering and transportation services to energy companies, commodity traders and other customers.

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