Teekay Tankers (NYSE:TNK) Reaches New 1-Year High – Time to Buy?

Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $74.85 and last traded at $74.1160, with a volume of 270650 shares. The stock had previously closed at $73.82.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Jefferies Financial Group raised their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Evercore reissued an “outperform” rating and issued a $84.00 target price on shares of Teekay Tankers in a research note on Friday, February 20th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $77.00.

Teekay Tankers Stock Performance

The company has a market cap of $2.56 billion, a P/E ratio of 7.34 and a beta of -0.27. The business has a fifty day simple moving average of $61.55 and a 200 day simple moving average of $56.58.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.09. The firm had revenue of $158.78 million for the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the business posted $1.50 earnings per share. Equities research analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Monday, March 2nd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is presently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in Teekay Tankers in the fourth quarter valued at approximately $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $33,000. Leonteq Securities AG acquired a new position in Teekay Tankers during the 4th quarter valued at approximately $34,000. State of Alaska Department of Revenue bought a new position in Teekay Tankers during the 3rd quarter worth $54,000. Finally, Aster Capital Management DIFC Ltd increased its position in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after buying an additional 1,032 shares during the period. Institutional investors and hedge funds 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.