Teekay Tankers Ltd. (TNK) Expected to Announce Quarterly Sales of $89.25 Million

Wall Street analysts expect Teekay Tankers Ltd. (NYSE:TNK) to report $89.25 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Teekay Tankers’ earnings, with the lowest sales estimate coming in at $87.10 million and the highest estimate coming in at $91.97 million. Teekay Tankers posted sales of $125.10 million in the same quarter last year, which would indicate a negative year over year growth rate of 28.7%. The business is scheduled to report its next quarterly earnings report on Thursday, May 17th.

According to Zacks, analysts expect that Teekay Tankers will report full year sales of $89.25 million for the current fiscal year, with estimates ranging from $370.95 million to $411.00 million. For the next financial year, analysts anticipate that the business will report sales of $445.81 million per share, with estimates ranging from $363.72 million to $503.40 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Teekay Tankers.

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Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, February 22nd. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.03. The firm had revenue of $105.20 million for the quarter, compared to analyst estimates of $87.10 million. Teekay Tankers had a negative return on equity of 2.16% and a negative net margin of 13.78%. The company’s revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS.

A number of analysts have issued reports on TNK shares. DNB Markets raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Tuesday, March 6th. Seaport Global Securities set a $3.00 target price on Teekay Tankers and gave the company a “buy” rating in a report on Thursday, January 4th. Morgan Stanley lowered their target price on Teekay Tankers from $2.00 to $1.30 and set an “equal weight” rating on the stock in a report on Monday, February 12th. ValuEngine lowered Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Finally, UBS raised Teekay Tankers from a “sell” rating to a “neutral” rating and lowered their target price for the company from $1.26 to $1.00 in a report on Monday, February 26th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $1.72.

Hedge funds have recently made changes to their positions in the business. Mangrove Partners bought a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $133,000. MetLife Investment Advisors LLC bought a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $141,000. The Manufacturers Life Insurance Company lifted its position in shares of Teekay Tankers by 16.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 107,413 shares of the shipping company’s stock worth $202,000 after acquiring an additional 15,304 shares during the period. American International Group Inc. lifted its position in shares of Teekay Tankers by 67.6% in the 4th quarter. American International Group Inc. now owns 137,048 shares of the shipping company’s stock worth $192,000 after acquiring an additional 55,258 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Teekay Tankers by 6.6% in the 2nd quarter. Vanguard Group Inc. now owns 287,429 shares of the shipping company’s stock worth $540,000 after acquiring an additional 17,907 shares during the period. Institutional investors own 47.63% of the company’s stock.

TNK opened at $1.08 on Friday. The company has a market capitalization of $197.12, a price-to-earnings ratio of -9.82 and a beta of 2.02. The company has a current ratio of 0.75, a quick ratio of 0.67 and a debt-to-equity ratio of 0.92. Teekay Tankers has a 12-month low of $1.08 and a 12-month high of $2.20.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Monday, March 5th were given a $0.03 dividend. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 11.11%. Teekay Tankers’s dividend payout ratio is currently -109.09%.

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Teekay Tankers Company Profile

Teekay Tankers Ltd. engages in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. The company also provides ship-to-ship transfer services, including lightering and lightering support, consultancy, and LNG terminal management services.

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Earnings History and Estimates for Teekay Tankers (NYSE:TNK)

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