Analysts Set Teekay Tankers Ltd. (NYSE:TNK) Price Target at $77.00

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $77.00.

Several research firms recently weighed in on TNK. Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Bank of America increased their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Finally, Weiss Ratings raised shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $99.25 on Friday. The business’s 50 day moving average is $82.98 and its two-hundred day moving average is $76.98. Teekay Tankers has a 1-year low of $47.18 and a 1-year high of $102.82. The stock has a market capitalization of $3.43 billion, a P/E ratio of 5.85 and a beta of -0.19.

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

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.00 annualized dividend and a yield of 1.0%. Teekay Tankers’s dividend payout ratio (DPR) is presently 5.89%.

Insider Activity at Teekay Tankers

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

Institutional Trading of Teekay Tankers

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in shares of Teekay Tankers by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock valued at $139,579,000 after purchasing an additional 68,437 shares during the period. Fearnley Asset Management AS bought a new stake in Teekay Tankers during the 4th quarter valued at about $17,890,000. NEOS Investment Management LLC lifted its holdings in Teekay Tankers by 41.4% during the 2nd quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company’s stock valued at $16,584,000 after buying an additional 74,894 shares in the last quarter. Mizuho Markets Americas LLC bought a new stake in Teekay Tankers during the 1st quarter valued at about $18,330,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Teekay Tankers by 367.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock valued at $15,947,000 after buying an additional 170,940 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.