Teekay Tankers Ltd. (NYSE:TNK) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been given a consensus recommendation of “Moderate Buy” by the eight brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $77.00.

TNK has been the topic of a number of research analyst reports. Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Evercore reissued an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Finally, Bank of America raised their target price on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th.

Insider Activity at Teekay Tankers

In related news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business’s 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 transaction, the director owned 2,126 shares in the company, valued at $189,809.28. The trade was a 74.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Schellenberg sold 7,031 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the transaction, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 14,147 shares of company stock worth $1,138,777 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Teekay Tankers

Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Teekay Tankers by 10.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after acquiring an additional 172 shares during the period. Baron Wealth Management LLC increased its holdings in Teekay Tankers by 4.5% during the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after acquiring an additional 178 shares during the period. Glenorchy Capital Ltd increased its holdings in Teekay Tankers by 0.5% during the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after acquiring an additional 198 shares during the period. Boothbay Fund Management LLC lifted its stake in Teekay Tankers by 1.4% in the 4th 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. Finally, CWM LLC boosted its holdings in Teekay Tankers by 2.4% in the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after purchasing an additional 216 shares during the period. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Stock Performance

NYSE:TNK opened at $90.02 on Wednesday. The company has a market capitalization of $3.11 billion, a PE ratio of 5.30 and a beta of -0.22. The company has a 50 day simple moving average of $76.35 and a two-hundred day simple moving average of $74.59. Teekay Tankers has a fifty-two week low of $47.07 and a fifty-two week high of $94.44.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.61 by ($0.05). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The firm had revenue of $258.26 million during the quarter, compared to analyst estimates of $299.03 million. During the same quarter last year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was up 32.6% on a year-over-year basis. Research analysts predict that Teekay Tankers will post 15.4 EPS for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given 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 5.89%.

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.