Teekay Tankers Ltd. (NYSE:TNK) Receives $77.00 Consensus Price Target from Analysts

Shares of Teekay Tankers Ltd. (NYSE:TNK) have received a consensus rating of “Hold” from the eight research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $77.00.

A number of research firms have recently commented on TNK. Wall Street Zen raised shares of Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Bank of America lifted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Finally, Weiss Ratings cut shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd.

Insider Activity at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the 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 owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently bought and sold shares of TNK. Dimensional Fund Advisors LP boosted its stake in shares of Teekay Tankers by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock valued at $139,579,000 after buying an additional 68,437 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after buying an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC increased its stake in shares of Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock worth $25,360,000 after buying an additional 63,125 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Teekay Tankers by 6.1% in the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after acquiring an additional 24,024 shares in the last quarter. Finally, State Street Corp raised its holdings in Teekay Tankers by 0.8% in the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock valued at $21,359,000 after acquiring an additional 3,101 shares in the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $78.29 on Friday. The stock’s 50 day moving average price is $72.64 and its 200 day moving average price is $71.74. The firm has a market capitalization of $2.70 billion, a PE 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 (NYSE:TNK) last released its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. On average, analysts forecast that Teekay Tankers will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, August 10th. Teekay Tankers’s payout ratio is presently 8.13%.

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.