Teekay Tankers (NYSE:TNK) Issues Earnings Results

Teekay Tankers (NYSE:TNK) released its earnings results on Wednesday. The shipping company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.15, FiscalAI reports. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The company had revenue of $286.09 million for the quarter, compared to the consensus estimate of $214.11 million.

Teekay Tankers Trading Down 2.9%

Shares of NYSE TNK traded down $2.32 during mid-day trading on Wednesday, reaching $77.74. 492,624 shares of the company’s stock were exchanged, compared to its average volume of 513,429. Teekay Tankers has a twelve month low of $41.05 and a twelve month high of $83.99. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 7.70 and a beta of -0.21. The business has a fifty day simple moving average of $74.12 and a 200 day simple moving average of $65.51.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, March 2nd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, March 2nd. Teekay Tankers’s dividend payout ratio is 9.91%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Wall Street Zen raised Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Finally, Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Teekay Tankers presently has an average rating of “Moderate Buy” and an average target price of $80.00.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNK. PNC Financial Services Group Inc. boosted its stake in shares of Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after acquiring an additional 172 shares during the period. Boothbay Fund Management LLC raised its stake in Teekay Tankers by 1.4% in the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock valued at $810,000 after acquiring an additional 214 shares during the period. Raymond James Financial Inc. lifted its holdings in Teekay Tankers by 2.3% during the 2nd quarter. Raymond James Financial Inc. now owns 15,978 shares of the shipping company’s stock valued at $667,000 after purchasing an additional 366 shares during the last quarter. Mariner LLC boosted its position in Teekay Tankers by 5.6% during the fourth quarter. Mariner LLC now owns 7,286 shares of the shipping company’s stock worth $389,000 after purchasing an additional 384 shares during the period. Finally, Cerity Partners LLC increased its holdings in shares of Teekay Tankers by 7.5% in the fourth quarter. Cerity Partners LLC now owns 6,784 shares of the shipping company’s stock valued at $362,000 after purchasing an additional 471 shares during the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

About Teekay Tankers

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.