Teekay Tankers (NYSE:TNK) Stock Crosses Above 200 Day Moving Average – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.48 and traded as high as $61.47. Teekay Tankers shares last traded at $60.16, with a volume of 635,328 shares traded.

Analyst Upgrades and Downgrades

TNK has been the subject of a number of research reports. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Jefferies Financial Group upped their target price on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Evercore ISI increased their target price on Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $65.00.

Teekay Tankers Price Performance

The business has a 50 day moving average price of $57.00 and a 200 day moving average price of $52.48. The stock has a market capitalization of $2.08 billion, a PE ratio of 6.68 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.04. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The company had revenue of $229.02 million for the quarter, compared to analysts’ expectations of $133.65 million. During the same quarter in the previous year, the business posted $0.23 EPS. Teekay Tankers’s revenue was down 16.5% compared to the same quarter last year. On average, equities analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Monday, November 10th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, November 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. Teekay Tankers’s dividend payout ratio is presently 11.11%.

Hedge Funds Weigh In On Teekay Tankers

A number of hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Teekay Tankers by 107.2% in the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after acquiring an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock worth $546,000 after purchasing an additional 610 shares during the last quarter. Millennium Management LLC grew its position in Teekay Tankers by 24.9% in the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after purchasing an additional 50,815 shares during the period. Strs Ohio purchased a new stake in Teekay Tankers during the 1st quarter valued at $612,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Teekay Tankers during the 2nd quarter valued at $233,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

About Teekay Tankers

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.