Teekay Tankers (NYSE:TNK) Issues Earnings Results, Misses Expectations By $0.15 EPS

Teekay Tankers (NYSE:TNK) issued its earnings results on Wednesday. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.71 by ($0.15), FiscalAI reports. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%.The business had revenue of $379.51 million for the quarter, compared to the consensus estimate of $300.81 million.

Teekay Tankers Trading Up 2.0%

Shares of NYSE TNK traded up $1.51 during midday trading on Wednesday, reaching $78.29. The company had a trading volume of 327,330 shares, compared to its average volume of 458,821. Teekay Tankers has a 1 year low of $41.77 and a 1 year high of $83.99. The business’s 50-day simple moving average is $72.66 and its 200 day simple moving average is $71.61. The stock has a market cap of $2.70 billion, a P/E ratio of 6.36 and a beta of -0.22.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Teekay Tankers’s dividend payout ratio (DPR) is currently 8.13%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TNK. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday. Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Bank of America boosted their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $77.00.

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction 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 owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their position. 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 Investors Weigh In On Teekay Tankers

Large investors have recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers during the 4th quarter valued at approximately $33,000. Aster Capital Management DIFC Ltd boosted its holdings in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in Teekay Tankers during the 3rd quarter worth about $63,000. PNC Financial Services Group Inc. raised its stake in shares of 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 buying an additional 172 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in shares of Teekay Tankers by 85.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock valued at $101,000 after buying an additional 1,123 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 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.