Teekay Tankers (NYSE:TNK) Hits New 52-Week High – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) hit a new 52-week high on Wednesday . The stock traded as high as $90.32 and last traded at $89.25, with a volume of 471304 shares. The stock had previously closed at $89.11.

Analyst Ratings Changes

A number of research firms recently issued reports on TNK. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Weiss Ratings upgraded Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Bank of America lifted their target price on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. One equities research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Stock Performance

The business has a 50 day moving average of $75.42 and a two-hundred day moving average of $74.04. The stock has a market capitalization of $3.14 billion, a PE ratio of 5.36 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last posted its earnings results 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 company had revenue of $258.26 million during 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%. Teekay Tankers’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.41 EPS. On average, equities analysts expect that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 10th. Teekay Tankers’s payout ratio is 5.89%.

Insider Activity at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director directly owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. The trade was a 48.57% 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 the SEC website. Also, Director Simon Heidi Locke sold 741 shares of the company’s stock in a transaction 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 directly owned 4,000 shares in the company, valued at approximately $360,000. The trade was a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,147 shares of company stock valued at $1,138,777 over the last 90 days. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teekay Tankers in the fourth quarter valued at about $28,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Teekay Tankers during the fourth quarter worth about $33,000. Global Trust Asset Management LLC acquired a new position in shares of Teekay Tankers during the first quarter valued at about $46,000. Leonteq Securities AG acquired a new position in shares of Teekay Tankers during the fourth quarter valued at about $34,000. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares during the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

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.