Teekay Tankers (NYSE:TNK) Issues Quarterly Earnings Results

Teekay Tankers (NYSE:TNK) issued its quarterly earnings data on Wednesday. The shipping company reported $5.04 EPS for the quarter, topping the consensus estimate of $4.86 by $0.18, Zacks reports. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%.

Teekay Tankers Price Performance

NYSE TNK traded up $3.43 during trading hours on Wednesday, reaching $89.13. 411,988 shares of the company’s stock traded hands, compared to its average volume of 463,554. Teekay Tankers has a 52-week low of $50.94 and a 52-week high of $110.65. The firm has a market cap of $3.08 billion, a PE ratio of 5.25 and a beta of -0.05. The firm has a 50-day simple moving average of $97.07 and a 200 day simple moving average of $80.00.

Analysts Set New Price Targets

TNK has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Evercore restated an “outperform” rating and issued a $116.00 price objective on shares of Teekay Tankers in a report on Tuesday, October 27th. Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Teekay Tankers currently has a consensus rating of “Hold” and an average price target of $95.50.

Insiders Place Their Bets

In other news, Director David Schellenberg sold 7,344 shares of Teekay Tankers stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $100.00, for a total transaction of $734,400.00. Following the completion of the transaction, the director directly owned 7,344 shares in the company, valued at approximately $734,400. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heidi Locke Simon sold 741 shares of the business’s 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 completion of 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 14,561 shares of company stock worth $1,380,350. 1.90% of the stock is currently owned by company insiders.

About Teekay Tankers

Teekay Tankers Ltd. is an international marine transportation company that owns and operates tankers carrying crude oil and refined petroleum products. Its fleet includes crude-oil vessels such as Aframax and Suezmax tankers, as well as product carriers. The company serves customers in the global energy industry, including oil companies and commodity traders. Its vessels transport petroleum by sea on routes around the world, with employment through a mix of spot voyages and longer-term charter arrangements.