Teekay Tankers Ltd. (NYSE:TNK) Stock Has Consensus Price Target of $77.00 According to Brokerages

Teekay Tankers Ltd. (NYSE:TNK) has earned an average rating of “Hold” from the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $77.00.

TNK has been the subject of a number of analyst reports. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Wall Street Zen downgraded shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings upgraded Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Finally, Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th.

Teekay Tankers Stock Down 0.1%

NYSE:TNK opened at $106.49 on Thursday. Teekay Tankers has a twelve month low of $47.18 and a twelve month high of $107.39. The business has a 50 day moving average price of $92.20 and a two-hundred day moving average price of $80.53. The company has a market cap of $3.68 billion, a P/E ratio of 6.28 and a beta of -0.09.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data 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). The business had revenue of $258.26 million during the quarter, compared to analyst estimates of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. Teekay Tankers’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter last year, the business earned $1.41 earnings per share. As a group, analysts anticipate that Teekay Tankers will post 15.40 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s dividend payout ratio (DPR) is currently 5.89%.

Insider Buying and Selling at Teekay Tankers

In other Teekay Tankers news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 of the company’s stock, valued at $189,809.28. The trade was a 74.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Heidi Locke Simon sold 741 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the sale, the director owned 4,000 shares in the company, valued at approximately $360,000. This represents a 15.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,561 shares of company stock worth $1,380,350 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Teekay Tankers by 14.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,518 shares of the shipping company’s stock valued at $147,000 after purchasing an additional 188 shares during the period. Engineers Gate Manager LP grew its holdings in Teekay Tankers by 1.4% during the second quarter. Engineers Gate Manager LP now owns 55,028 shares of the shipping company’s stock worth $3,570,000 after purchasing an additional 786 shares during the period. Integrated Wealth Concepts LLC bought a new position in Teekay Tankers during the second quarter worth about $28,000. IFP Advisors Inc increased its position in Teekay Tankers by 672.0% during the second quarter. IFP Advisors Inc now owns 1,212 shares of the shipping company’s stock worth $79,000 after buying an additional 1,055 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new position in Teekay Tankers during the second quarter worth approximately $356,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company focused on the international shipment of crude oil and refined petroleum products. The company owns and operates a fleet of conventional and specialized tankers that transport energy commodities for oil companies, refiners, commodity traders and other customers.

Its fleet has included crude oil tankers in segments such as Aframax and Suezmax, as well as product tankers used to carry refined fuels. Teekay Tankers generates revenue through vessel chartering arrangements and commercial pool and voyage activities, serving routes across major global oil-trading regions.

Teekay Tankers was established in 2007 as part of the Teekay group and is affiliated with Teekay Corporation, a marine energy transportation company.