Teekay Tankers Ltd. to Post FY2017 Earnings of ($0.10) Per Share, Seaport Global Securities Forecasts (NYSE:TNK)
Teekay Tankers Ltd. (NYSE:TNK) – Research analysts at Seaport Global Securities cut their FY2017 earnings per share (EPS) estimates for Teekay Tankers in a research note issued on Monday. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will post earnings of ($0.10) per share for the year, down from their previous forecast of $0.04.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.04) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.04). Teekay Tankers had a negative net margin of 7.38% and a positive return on equity of 0.39%. The business had revenue of $89.40 million during the quarter, compared to analyst estimates of $80.68 million. During the same period in the prior year, the business earned $0.20 EPS. The company’s revenue for the quarter was down 36.0% on a year-over-year basis. TRADEMARK VIOLATION WARNING: “Teekay Tankers Ltd. to Post FY2017 Earnings of ($0.10) Per Share, Seaport Global Securities Forecasts (NYSE:TNK)” was posted by Daily Political and is owned by of Daily Political. If you are reading this news story on another website, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The legal version of this news story can be read at https://www.dailypolitical.com/2017/08/09/teekay-tankers-ltd-to-post-fy2017-earnings-of-0-10-per-share-seaport-global-securities-forecasts-nysetnk.html.
A number of other analysts have also weighed in on the stock. Zacks Investment Research raised shares of Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Bank of America Corporation reaffirmed an “underperform” rating and issued a $1.80 price objective (down from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. ValuEngine lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Finally, TheStreet lowered shares of Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Teekay Tankers currently has an average rating of “Hold” and an average price target of $2.31.
Teekay Tankers (TNK) opened at 1.65 on Wednesday. The company has a market capitalization of $272.91 million, a price-to-earnings ratio of 9.76 and a beta of 2.24. Teekay Tankers has a one year low of $1.65 and a one year high of $3.09. The firm has a 50-day moving average of $1.75 and a 200 day moving average of $2.05.
A number of institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $363,000. State Street Corp increased its position in shares of Teekay Tankers by 5.1% in the fourth quarter. State Street Corp now owns 1,778,927 shares of the shipping company’s stock worth $4,021,000 after buying an additional 85,736 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Teekay Tankers by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,846,762 shares of the shipping company’s stock worth $10,954,000 after buying an additional 273,093 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $476,000. Finally, Teachers Advisors LLC increased its position in shares of Teekay Tankers by 4.9% in the fourth quarter. Teachers Advisors LLC now owns 217,200 shares of the shipping company’s stock worth $491,000 after buying an additional 10,163 shares in the last quarter. Institutional investors and hedge funds own 41.50% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 14th will be issued a $0.03 dividend. The ex-dividend date is Thursday, August 10th. This represents a $0.12 dividend on an annualized basis and a yield of 7.27%. Teekay Tankers’s dividend payout ratio is presently -63.16%.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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