Teekay Tankers (NYSE:TNK) Reaches New 52-Week High – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $84.09 and last traded at $84.1680, with a volume of 64041 shares. The stock had previously closed at $80.89.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings raised Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Finally, Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Price Performance

The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 5.03 and a beta of -0.22. The company’s 50 day moving average is $74.00 and its 200 day moving average is $73.21.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. Sell-side analysts predict that Teekay Tankers Ltd. will post 15.4 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, August 10th. Teekay Tankers’s dividend payout ratio (DPR) is presently 5.89%.

Insider Activity at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the sale, the director owned 7,445 shares in the company, valued at $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after purchasing an additional 172 shares in the last quarter. Baron Wealth Management LLC increased its position in shares of Teekay Tankers by 4.5% in the second quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock valued at $266,000 after buying an additional 178 shares in the last quarter. Glenorchy Capital Ltd increased its position in shares of Teekay Tankers by 0.5% in the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after buying an additional 198 shares in the last quarter. Boothbay Fund Management LLC raised its stake in shares of Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after buying an additional 214 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after buying an additional 216 shares during the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

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.