Teekay Tankers (NYSE:TNK) Announces Earnings Results, Misses Expectations By $0.15 EPS

Teekay Tankers (NYSE:TNK) posted its quarterly earnings data on Wednesday. The shipping company reported $5.56 EPS for the quarter, missing the consensus estimate of $5.71 by ($0.15), FiscalAI reports. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%.The firm had revenue of $379.51 million for the quarter, compared to analysts’ expectations of $300.81 million.

Teekay Tankers Stock Up 2.0%

NYSE:TNK traded up $1.51 during midday trading on Wednesday, hitting $78.29. The stock had a trading volume of 327,419 shares, compared to its average volume of 459,690. The stock has a 50-day moving average of $72.66 and a 200 day moving average of $71.61. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 6.36 and a beta of -0.22. Teekay Tankers has a one year low of $41.77 and a one year high of $83.99.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 annualized dividend and a yield of 1.3%. Teekay Tankers’s dividend payout ratio is 8.13%.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction 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 completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of Teekay Tankers

Institutional investors and hedge funds have recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new position in Teekay Tankers during the 4th quarter valued at about $33,000. Aster Capital Management DIFC Ltd boosted its stake in shares of Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares in the last quarter. Sunbelt Securities Inc. bought a new position in shares of Teekay Tankers during the third quarter valued at approximately $63,000. PNC Financial Services Group Inc. increased its holdings in Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after buying an additional 172 shares during the period. Finally, Osaic Holdings Inc. raised its stake in Teekay Tankers by 85.9% in the second quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after buying an additional 1,123 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on TNK shares. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Weiss Ratings lowered Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Finally, Bank of America upped their price objective on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $77.00.

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.