Teekay Tankers (NYSE:TNK) Posts Earnings Results, Beats Estimates By $0.18 EPS

Teekay Tankers (NYSE:TNK) issued its quarterly earnings results on Wednesday. The shipping company reported $5.04 EPS for the quarter, beating analysts’ consensus estimates of $4.86 by $0.18, Zacks reports. The firm had revenue of $369.25 million for the quarter, compared to analysts’ expectations of $263.55 million. Teekay Tankers had a return on equity of 26.99% and a net margin of 53.76%.

Teekay Tankers Trading Down 0.7%

Teekay Tankers stock opened at $88.30 on Friday. Teekay Tankers has a 1-year low of $50.94 and a 1-year high of $110.65. The firm has a market capitalization of $3.05 billion, a PE ratio of 4.43 and a beta of -0.05. The firm’s 50 day simple moving average is $97.03 and its 200 day simple moving average is $80.27.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Monday, November 23rd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, November 23rd. Teekay Tankers’s dividend payout ratio is 5.89%.

Insider Buying and Selling at Teekay Tankers

In other Teekay Tankers news, Director Heidi Locke Simon sold 741 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total value of $66,690.00. Following the completion of the transaction, the director directly owned 4,000 shares of the company’s stock, valued at $360,000. This trade represents a 15.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 of the company’s stock, valued at $189,809.28. This trade represents a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,561 shares of company stock valued at $1,380,350 in the last three months. Company insiders own 1.90% of the company’s stock.

Key Headlines Impacting Teekay Tankers

These are some of the TNK headlines that stood out recently:

• Positive Sentiment: The company declared a quarterly cash dividend of $0.25 per share, payable December 4 to shareholders of record November 23. Dividend announcement
• Neutral Sentiment: Teekay Tankers ordered four additional newbuildings. The ships could expand future capacity, though the announcement also raises questions about the investment required and timing of returns. Newbuilding order and market reaction
• Negative Sentiment: Despite beating earnings and revenue estimates, TNK shares slipped following the results, indicating the strong reported quarter did not immediately translate into positive market sentiment. Market reaction to earnings

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TNK. Bank of America restated an “underperform” rating and issued a $83.00 price objective (up from $78.00) on shares of Teekay Tankers in a research note on Thursday. Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings upgraded shares of Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Evercore reiterated an “outperform” rating and issued a $116.00 price objective on shares of Teekay Tankers in a research note on Tuesday, October 27th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $99.50.

About Teekay Tankers

Teekay Tankers Ltd. is an international marine transportation company that owns and operates tankers carrying crude oil and refined petroleum products. Its fleet includes crude-oil vessels such as Aframax and Suezmax tankers, as well as product carriers. The company serves customers in the global energy industry, including oil companies and commodity traders. Its vessels transport petroleum by sea on routes around the world, with employment through a mix of spot voyages and longer-term charter arrangements.