Teekay Tankers (NYSE:TNK) Sets New 1-Year High – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) shares reached a new 52-week high on Tuesday . The company traded as high as $82.24 and last traded at $77.9670, with a volume of 1050371 shares. The stock had previously closed at $78.27.

Wall Street Analyst Weigh In

Several research firms recently commented on TNK. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Wall Street Zen downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Teekay Tankers currently has an average rating of “Buy” and a consensus price target of $77.00.

Teekay Tankers Trading Down 0.4%

The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 7.73 and a beta of -0.32. The firm’s fifty day moving average price is $63.37 and its 200 day moving average price is $57.51.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The company had revenue of $158.78 million for the quarter, compared to analysts’ expectations of $179.70 million. During the same period in the prior year, the firm earned $1.50 earnings per share. The firm’s revenue was down .3% compared to the same quarter last year. On average, analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

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

Institutional Trading of Teekay Tankers

Several hedge funds have recently made changes to their positions in TNK. Franklin Resources Inc. grew its holdings in shares of Teekay Tankers by 4.1% during the second quarter. Franklin Resources Inc. now owns 122,728 shares of the shipping company’s stock worth $5,120,000 after purchasing an additional 4,830 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of Teekay Tankers by 89.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 24,693 shares of the shipping company’s stock valued at $1,030,000 after purchasing an additional 11,675 shares during the period. American Century Companies Inc. grew its stake in Teekay Tankers by 7.5% during the 2nd quarter. American Century Companies Inc. now owns 1,010,177 shares of the shipping company’s stock worth $42,145,000 after buying an additional 70,578 shares during the last quarter. Cornerstone Investment Partners LLC acquired a new position in Teekay Tankers during the second quarter worth approximately $201,000. Finally, Geode Capital Management LLC lifted its stake in Teekay Tankers by 4.0% in the second quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after buying an additional 14,052 shares during the last quarter. 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.