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

Teekay Tankers Ltd. (NYSE:TNK)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $82.34 and last traded at $82.4470, with a volume of 51702 shares. The stock had previously closed at $79.70.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TNK. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Evercore restated an “outperform” rating and set a $90.00 price objective on shares of Teekay Tankers in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. One investment 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 company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $80.00.

Teekay Tankers Stock Performance

The firm’s 50-day moving average is $73.83 and its 200 day moving average is $64.95. The firm has a market capitalization of $2.81 billion, a PE ratio of 8.05 and a beta of -0.21.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.09. The firm had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the firm posted $1.50 EPS. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 7.3 earnings per share for the current year.

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, March 2nd. Teekay Tankers’s payout ratio is currently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

A number of large investors have recently bought and sold shares of TNK. American Century Companies Inc. grew its holdings in shares of Teekay Tankers by 6.7% during the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after buying an additional 67,186 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $708,000. Ruffer LLP purchased a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $3,738,000. Royce & Associates LP boosted its position in Teekay Tankers by 7.5% during the third quarter. Royce & Associates LP now owns 211,590 shares of the shipping company’s stock worth $10,696,000 after acquiring an additional 14,707 shares during the last quarter. Finally, Greenland Capital Management LP acquired a new stake in Teekay Tankers during the third quarter worth approximately $1,012,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.