Teekay Tankers (NYSE:TNK) Hits New 1-Year High – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $102.07 and last traded at $99.8350, with a volume of 612970 shares traded. The stock had previously closed at $100.83.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Weiss Ratings upgraded shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Bank of America increased their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Price Performance

The firm’s 50-day moving average is $83.56 and its two-hundred day moving average is $77.14. The company has a market cap of $3.48 billion, a P/E ratio of 5.93 and a beta of -0.19.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results 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). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The business had revenue of $258.26 million for the quarter, compared to analysts’ expectations of $299.03 million. During the same period in the previous year, the company earned $1.41 EPS. Teekay Tankers’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, sell-side analysts expect that Teekay Tankers Ltd. will post 15.4 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s dividend payout ratio is currently 5.89%.

Insider Activity

In related news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total value of $569,160.00. Following the completion of the transaction, the director owned 2,126 shares of the company’s stock, valued at approximately $189,809.28. This trade represents a 74.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heidi Locke Simon sold 741 shares of Teekay Tankers stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the completion of the transaction, the director owned 4,000 shares of the company’s stock, 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. In the last three months, insiders have sold 14,561 shares of company stock worth $1,380,350. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of TNK. Baron Wealth Management LLC lifted its position in shares of Teekay Tankers by 4.5% in the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after purchasing an additional 178 shares during the period. Global Retirement Partners LLC increased its holdings in Teekay Tankers by 12.7% during the fourth quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company’s stock valued at $124,000 after buying an additional 262 shares during the period. ProShare Advisors LLC raised its stake in Teekay Tankers by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 4,392 shares of the shipping company’s stock worth $235,000 after buying an additional 283 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Teekay Tankers in the second quarter worth approximately $28,000. Finally, Strategic Global Advisors LLC lifted its holdings in Teekay Tankers by 1.3% during the fourth quarter. Strategic Global Advisors LLC now owns 34,557 shares of the shipping company’s stock worth $1,846,000 after buying an additional 428 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company that owns and operates tankers used to transport crude oil, refined petroleum products and other liquid cargoes. Its fleet includes vessels serving the crude oil and product tanker segments, with operations focused on the international energy transportation market.

The company provides commercial and technical vessel management, chartering and transportation services to energy companies, commodity traders and other customers.