Teekay Tankers (NYSE:TNK) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Teekay Tankers Ltd. (NYSE:TNK)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.44 and traded as high as $74.00. Teekay Tankers shares last traded at $71.9070, with a volume of 189,757 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on TNK. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Evercore reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Teekay Tankers Trading Down 2.3%

The business’s 50 day moving average is $73.07 and its 200 day moving average is $70.44. The stock has a market capitalization of $2.42 billion, a PE ratio of 5.70 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, analysts anticipate that Teekay Tankers Ltd. will post 13.75 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were paid 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 dividend yield of 1.4%. Teekay Tankers’s dividend payout ratio is currently 8.13%.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds have recently bought and sold shares of TNK. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teekay Tankers in the fourth quarter worth $28,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Teekay Tankers during the fourth quarter valued at $33,000. Global Trust Asset Management LLC bought a new position in shares of Teekay Tankers in the first quarter worth about $46,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers in the fourth quarter worth about $34,000. Finally, Aster Capital Management DIFC Ltd grew its holdings in shares of Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares during the last quarter. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.