Teekay Tankers (NYSE:TNK) Hits New 1-Year High – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $63.76 and last traded at $63.09, with a volume of 19286 shares changing hands. The stock had previously closed at $61.78.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TNK. Evercore ISI increased their price objective on Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Clarkson Capital raised Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Jefferies Financial Group raised their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Teekay Tankers currently has an average rating of “Buy” and an average target price of $65.00.

Teekay Tankers Stock Performance

The business has a fifty day moving average of $56.96 and a two-hundred day moving average of $52.96. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 6.88 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.04. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The firm had revenue of $229.02 million during the quarter, compared to analysts’ expectations of $133.65 million. During the same period in the previous year, the business posted $0.23 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, sell-side analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Monday, November 10th were paid a $0.25 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Teekay Tankers’s dividend payout ratio is 11.11%.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. increased its stake in shares of Teekay Tankers by 4.1% in the second quarter. Franklin Resources Inc. now owns 122,728 shares of the shipping company’s stock valued at $5,120,000 after buying an additional 4,830 shares during the period. Y Intercept Hong Kong Ltd lifted its position in shares of Teekay Tankers by 89.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 24,693 shares of the shipping company’s stock worth $1,030,000 after purchasing an additional 11,675 shares during the period. CWM LLC increased its position in shares of Teekay Tankers by 124.2% during the second quarter. CWM LLC now owns 7,803 shares of the shipping company’s stock worth $326,000 after buying an additional 4,323 shares during the period. American Century Companies Inc. increased its stake in Teekay Tankers by 7.5% in the second quarter. American Century Companies Inc. now owns 1,010,177 shares of the shipping company’s stock valued at $42,145,000 after purchasing an additional 70,578 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Teekay Tankers by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after purchasing an additional 14,052 shares during the period. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

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.