Teekay Tankers (NYSE:TNK) Reaches New 52-Week High – Time to Buy?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $106.64 and last traded at $105.4630, with a volume of 58070 shares. The stock had previously closed at $102.12.

Wall Street Analyst Weigh In

Several brokerages have commented on TNK. Weiss Ratings upgraded shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Finally, Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $77.00.

Teekay Tankers Stock Performance

The firm has a market capitalization of $3.65 billion, a PE ratio of 6.23 and a beta of -0.09. The stock’s 50 day simple moving average is $91.06 and its two-hundred day simple moving average is $80.07.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 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 return on equity of 22.11% and a net margin of 51.35%.The business’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.41 EPS. Equities research analysts expect that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, August 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Teekay Tankers’s dividend payout ratio (DPR) is currently 5.89%.

Insiders Place Their Bets

In other news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the company’s stock in a transaction 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 transaction, the director owned 2,126 shares of the company’s stock, valued at $189,809.28. This represents a 74.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Heidi Locke Simon sold 741 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the completion of the sale, the director owned 4,000 shares in the company, valued at approximately $360,000. This trade represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,561 shares of company stock valued at $1,380,350 over the last quarter. 1.90% of the stock is owned by insiders.

Institutional Trading of Teekay Tankers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNK. Fearnley Asset Management AS acquired a new position in Teekay Tankers in the 4th quarter valued at about $17,890,000. Mizuho Markets Americas LLC purchased a new position in shares of Teekay Tankers during the 1st quarter worth approximately $18,330,000. Arrowstreet Capital Limited Partnership raised its position in Teekay Tankers by 367.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after acquiring an additional 170,940 shares in the last quarter. NEOS Investment Management LLC grew its stake in shares of Teekay Tankers by 41.4% during the 2nd 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. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Teekay Tankers by 3.7% in 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. Institutional investors and hedge funds own 52.67% of the company’s stock.

About Teekay Tankers

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company focused on the international shipment of crude oil and refined petroleum products. The company owns and operates a fleet of conventional and specialized tankers that transport energy commodities for oil companies, refiners, commodity traders and other customers.

Its fleet has included crude oil tankers in segments such as Aframax and Suezmax, as well as product tankers used to carry refined fuels. Teekay Tankers generates revenue through vessel chartering arrangements and commercial pool and voyage activities, serving routes across major global oil-trading regions.

Teekay Tankers was established in 2007 as part of the Teekay group and is affiliated with Teekay Corporation, a marine energy transportation company.