Teekay Tankers (NYSE:TNK) Sets New 52-Week High – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK)’s share price reached a new 52-week high on Monday . The stock traded as high as $63.76 and last traded at $63.09, with a volume of 19286 shares traded. The stock had previously closed at $61.78.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Jefferies Financial Group raised their target price on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Evercore ISI upped their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Clarkson Capital raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Trading Up 2.2%

The stock has a market cap of $2.18 billion, a P/E ratio of 7.03 and a beta of -0.25. The business’s 50 day moving average price is $56.92 and its two-hundred day moving average price is $53.21.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.04. Teekay Tankers had a return on equity of 10.63% and a net margin of 32.87%.The business had revenue of $229.02 million for the quarter, compared to analysts’ expectations of $133.65 million. During the same period in the previous year, the firm posted $0.23 EPS. The business’s revenue was down 16.5% on a year-over-year basis. As a group, analysts expect that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC increased its position in Teekay Tankers by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after buying an additional 394 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Teekay Tankers during the 3rd quarter valued at approximately $54,000. Sunbelt Securities Inc. purchased a new position in Teekay Tankers during the third quarter valued at $63,000. Finally, TD Private Client Wealth LLC boosted its holdings in Teekay Tankers by 13.0% in the second quarter. TD Private Client Wealth LLC now owns 2,084 shares of the shipping company’s stock worth $87,000 after acquiring an additional 240 shares in the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.