Teekay Tankers Ltd. (NYSE:TNK) Given Average Rating of “Moderate Buy” by Analysts

Teekay Tankers Ltd. (NYSE:TNK) has been given a consensus rating of “Moderate Buy” by the eight research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $77.00.

TNK has been the subject of several recent research reports. Bank of America increased their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Evercore reiterated an “outperform” rating and issued a $86.00 target price on shares of Teekay Tankers in a report on Friday, May 15th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th.

Teekay Tankers Stock Performance

Shares of NYSE:TNK traded up $0.65 during mid-day trading on Tuesday, reaching $69.41. 112,797 shares of the company’s stock were exchanged, compared to its average volume of 477,026. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 5.63 and a beta of -0.22. The business’s fifty day moving average price is $74.56 and its 200-day moving average price is $69.47. Teekay Tankers has a twelve month low of $41.77 and a twelve month high of $83.99.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. Analysts predict that Teekay Tankers will post 13.75 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers’s dividend payout ratio is 8.13%.

Insiders Place Their Bets

In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the transaction, the director directly owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its stake in Teekay Tankers by 7,218.9% in the first quarter. NewEdge Advisors LLC now owns 3,879 shares of the shipping company’s stock valued at $284,000 after buying an additional 3,826 shares during the period. Amundi bought a new stake in shares of Teekay Tankers in the 1st quarter valued at $1,629,000. Empowered Funds LLC increased its stake in shares of Teekay Tankers by 21.1% in the 1st quarter. Empowered Funds LLC now owns 191,472 shares of the shipping company’s stock valued at $14,039,000 after acquiring an additional 33,302 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Teekay Tankers by 12.5% during the 1st quarter. Quantinno Capital Management LP now owns 7,455 shares of the shipping company’s stock valued at $547,000 after acquiring an additional 830 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in shares of Teekay Tankers during the 1st quarter valued at $2,109,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.