Teekay Tankers (NYSE:TNK) Hits New 1-Year High – Here’s Why

Shares of Teekay Tankers Ltd. (NYSE:TNK) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $84.09 and last traded at $84.1680, with a volume of 64041 shares trading hands. The stock had previously closed at $80.89.

Analyst Ratings Changes

A number of research firms have commented on TNK. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings upgraded Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Finally, Bank of America boosted their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Stock Performance

The firm has a market cap of $2.87 billion, a P/E ratio of 4.89 and a beta of -0.22. The company’s 50 day moving average is $73.47 and its 200 day moving average is $72.97.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. On average, equities research analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Teekay Tankers’s payout ratio is currently 5.89%.

Insider Buying and Selling at Teekay Tankers

In other 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 sale, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently modified their holdings of the company. Fearnley Asset Management AS bought a new stake in shares of Teekay Tankers in the 4th quarter valued at $17,890,000. Mizuho Markets Americas LLC acquired a new position in Teekay Tankers during the 1st quarter valued at about $18,330,000. Arrowstreet Capital Limited Partnership grew its holdings in Teekay Tankers by 367.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after buying an additional 170,940 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Teekay Tankers by 24.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares in the last quarter. Finally, Man Group plc purchased a new stake in Teekay Tankers in the 4th quarter valued at about $5,264,000. 52.67% of the stock is currently 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.