Teekay Tankers (NYSE:TNK) Releases Earnings Results, Beats Estimates By $0.09 EPS

Teekay Tankers (NYSE:TNK) released its earnings results on Wednesday. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09, Zacks reports. The company had revenue of $158.78 million for the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.89%. Teekay Tankers’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.50 EPS.

Teekay Tankers Stock Performance

NYSE:TNK opened at $74.04 on Friday. Teekay Tankers has a 52 week low of $33.35 and a 52 week high of $74.70. The firm has a 50-day moving average price of $60.41 and a two-hundred day moving average price of $55.85. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 7.34 and a beta of -0.27.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, March 2nd will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 2nd. This represents a $1.00 annualized dividend and a yield of 1.4%. Teekay Tankers’s payout ratio is 11.11%.

Wall Street Analyst Weigh In

TNK has been the subject of several research analyst reports. Evercore lifted their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. DNB Markets lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Wall Street Zen lowered Teekay Tankers from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Finally, Jefferies Financial Group boosted their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $65.00.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new position in Teekay Tankers during the fourth quarter valued at $33,000. Aster Capital Management DIFC Ltd grew its stake in shares of Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after acquiring an additional 1,032 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Teekay Tankers during the 3rd quarter worth $63,000. PNC Financial Services Group Inc. increased its holdings in Teekay Tankers by 10.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after acquiring an additional 172 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Teekay Tankers by 85.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,123 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

About Teekay Tankers

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.