Teekay Tankers (NYSE:TNK) Stock Crosses Above 200-Day Moving Average – Here’s Why

Teekay Tankers Ltd. (NYSE:TNK) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.48 and traded as high as $61.47. Teekay Tankers shares last traded at $60.16, with a volume of 635,328 shares traded.

Wall Street Analyst Weigh In

TNK has been the topic of several recent analyst reports. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Jefferies Financial Group lifted 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Finally, Evercore ISI raised their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.00.

Teekay Tankers Stock Up 0.6%

The business has a 50 day simple moving average of $57.00 and a two-hundred day simple moving average of $52.48. The firm has a market cap of $2.08 billion, a PE ratio of 6.68 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.04. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The company had revenue of $229.02 million for the quarter, compared to analyst estimates of $133.65 million. During the same period last year, the company posted $0.23 earnings per share. Teekay Tankers’s revenue was down 16.5% compared to the same quarter last year. Equities analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Monday, November 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, November 10th. Teekay Tankers’s dividend payout ratio is presently 11.11%.

Institutional Trading of Teekay Tankers

A number of hedge funds and other institutional investors have recently made changes to their positions in TNK. AQR Capital Management LLC boosted its holdings in Teekay Tankers by 107.2% in the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after purchasing an additional 43,258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock worth $546,000 after buying an additional 610 shares during the last quarter. Millennium Management LLC grew its holdings in Teekay Tankers by 24.9% during the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after acquiring an additional 50,815 shares during the period. Strs Ohio purchased a new position in Teekay Tankers during the first quarter valued at approximately $612,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Teekay Tankers during the second quarter valued at approximately $233,000. 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.