Analysts Set Teekay Tankers Ltd. (NYSE:TNK) Target Price at $77.00

Teekay Tankers Ltd. (NYSE:TNK) has received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $77.00.

Several research analysts have recently commented on TNK shares. Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 30th. Evercore restated an “outperform” rating and issued a $86.00 target price on shares of Teekay Tankers in a research note on Friday, May 15th. Dnb Carnegie downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th.

Teekay Tankers Trading Down 0.3%

Shares of TNK opened at $72.52 on Friday. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 5.90 and a beta of -0.25. The stock has a 50 day moving average of $75.69 and a 200-day moving average of $67.58. Teekay Tankers has a 52 week low of $41.05 and a 52 week high of $83.99.

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

Teekay Tankers Dividend Announcement

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

Insider Buying and Selling

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of Teekay Tankers 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 completion of the transaction, the director directly owned 7,445 shares in the company, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after purchasing an additional 172 shares during the period. CWA Asset Management Group LLC boosted its stake in Teekay Tankers by 1.5% during the 4th quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock valued at $621,000 after purchasing an additional 176 shares during the period. Glenorchy Capital Ltd boosted its stake in Teekay Tankers by 0.5% during the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after purchasing an additional 198 shares during the period. Boothbay Fund Management LLC boosted its stake in Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock valued at $810,000 after purchasing an additional 214 shares during the period. Finally, CWM LLC boosted its stake in Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after purchasing an additional 216 shares during the period. 52.67% of the stock is owned by institutional investors and hedge funds.

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.