Teekay Tankers (NYSE:TNK) Hits New 12-Month High – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high on Wednesday . The company traded as high as $94.79 and last traded at $94.2840, with a volume of 33777 shares trading hands. The stock had previously closed at $92.33.

Wall Street Analyst Weigh In

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

Teekay Tankers Stock Performance

The firm has a market capitalization of $3.28 billion, a P/E ratio of 5.61 and a beta of -0.19. The business has a 50 day simple moving average of $79.84 and a two-hundred day simple moving average of $76.08.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The company had revenue of $258.26 million for the quarter, compared to analysts’ expectations of $299.03 million. During the same quarter last year, the business posted $1.41 EPS. The business’s quarterly revenue was up 32.6% compared to the same quarter last year. On average, equities analysts anticipate that Teekay Tankers Ltd. will post 15.4 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Teekay Tankers’s dividend payout ratio (DPR) is currently 5.89%.

Insider Activity

In other Teekay Tankers news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total transaction of $569,160.00. Following the completion of the sale, the director owned 2,126 shares of the company’s stock, valued at $189,809.28. This represents a 74.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Heidi Locke Simon sold 741 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction 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. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Teekay Tankers

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its holdings in shares of Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after buying an additional 172 shares during the period. Baron Wealth Management LLC boosted 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 worth $266,000 after purchasing an additional 178 shares during the period. Boothbay Fund Management LLC grew its position in shares of Teekay Tankers by 1.4% during the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after purchasing an additional 214 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Teekay Tankers by 12.7% in the fourth quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company’s stock worth $124,000 after buying an additional 262 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Teekay Tankers by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 4,392 shares of the shipping company’s stock worth $235,000 after purchasing an additional 283 shares during the last quarter. Institutional investors 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.