Teekay Tankers (NYSE:TNK) Releases Quarterly Earnings Results, Beats Expectations By $0.84 EPS

Teekay Tankers (NYSE:TNK) released its quarterly earnings results on Wednesday. The shipping company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.84, Zacks reports. Teekay Tankers had a return on equity of 10.63% and a net margin of 32.87%.

Teekay Tankers Trading Up 1.2%

NYSE TNK traded up $0.84 during trading on Wednesday, hitting $72.45. 597,428 shares of the company traded hands, compared to its average volume of 421,535. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $73.73. The business has a fifty day simple moving average of $59.63 and a 200 day simple moving average of $55.61. The company has a market capitalization of $2.50 billion, a P/E ratio of 8.05 and a beta of -0.27.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TNK shares. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Evercore upped their target price on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Jefferies Financial Group boosted their price objective on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, Teekay Tankers currently has a consensus rating of “Buy” and a consensus target price of $65.00.

Institutional Investors Weigh In On Teekay Tankers

A number of large investors have recently added to or reduced their stakes in TNK. PNC Financial Services Group Inc. lifted its stake in shares of Teekay Tankers by 10.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after buying an additional 172 shares during the last quarter. Boothbay Fund Management LLC grew its stake in shares of Teekay Tankers by 1.4% in the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after acquiring an additional 214 shares during the last quarter. Raymond James Financial Inc. increased its position in Teekay Tankers by 2.3% during the second quarter. Raymond James Financial Inc. now owns 15,978 shares of the shipping company’s stock worth $667,000 after acquiring an additional 366 shares during the period. Mariner LLC boosted its holdings in Teekay Tankers by 5.6% in the 4th quarter. Mariner LLC now owns 7,286 shares of the shipping company’s stock valued at $389,000 after purchasing an additional 384 shares during the period. Finally, Cerity Partners LLC grew its position in Teekay Tankers by 7.5% in the 4th quarter. Cerity Partners LLC now owns 6,784 shares of the shipping company’s stock worth $362,000 after purchasing an additional 471 shares during the last quarter. Institutional investors 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.