Teekay Tankers (NYSE:TNK) Stock Breaks Above 200-Day Moving Average – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s share price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $81.99 and traded as high as $96.57. Teekay Tankers shares last traded at $94.5240, with a volume of 311,005 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings upgraded Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Evercore reissued an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.00.

Teekay Tankers Price Performance

The company’s 50 day moving average price is $95.93 and its two-hundred day moving average price is $82.25. The stock has a market capitalization of $3.29 billion, a PE ratio of 5.61 and a beta of -0.09.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.61 by ($0.05). The business had revenue of $258.26 million for the quarter, compared to analysts’ expectations of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The firm’s revenue was up 32.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 EPS. Analysts forecast that Teekay Tankers Ltd. will post 15.40 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently announced 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. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s payout ratio is currently 5.89%.

Insider Transactions at Teekay Tankers

In related news, Director David Schellenberg sold 7,344 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total value of $734,400.00. Following the completion of the sale, the director owned 7,344 shares of the company’s stock, valued at approximately $734,400. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the transaction, the director owned 4,000 shares in the company, valued at approximately $360,000. The trade was a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,561 shares of company stock worth $1,380,350 in the last ninety days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new stake in Teekay Tankers in the 2nd quarter valued at $28,000. Global Trust Asset Management LLC purchased a new position in shares of Teekay Tankers during the 1st quarter worth $46,000. Rockefeller Capital Management L.P. raised its holdings in shares of Teekay Tankers by 291.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,230 shares of the shipping company’s stock worth $66,000 after acquiring an additional 916 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Teekay Tankers by 217.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company’s stock worth $75,000 after acquiring an additional 959 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Teekay Tankers by 672.0% during the 2nd quarter. IFP Advisors Inc now owns 1,212 shares of the shipping company’s stock worth $79,000 after acquiring an additional 1,055 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 that owns and operates crude oil and refined petroleum product tankers. Its fleet serves energy companies, commodity traders, government entities and other customers that require the ocean transportation of liquid hydrocarbons.

The company’s activities include vessel ownership, commercial management and technical operation of tankers. Teekay Tankers operates vessels under a combination of spot-market and time-charter arrangements, providing transportation services for crude oil, fuel oil, gasoline, jet fuel and other refined petroleum products.