Teekay Tankers Ltd. (NYSE:TNK) Receives $77.00 Average Price Target from Brokerages

Teekay Tankers Ltd. (NYSE:TNK) has received a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $77.00.

TNK has been the subject of a number of research reports. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Weiss Ratings raised Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Bank of America upped their target price on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th.

Teekay Tankers Trading Down 0.3%

Shares of Teekay Tankers stock opened at $90.89 on Wednesday. Teekay Tankers has a 12-month low of $47.07 and a 12-month high of $94.44. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 5.36 and a beta of -0.22. The firm’s 50 day simple moving average is $75.72 and its two-hundred day simple moving average is $74.15.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing the consensus estimate of $5.61 by ($0.05). The company had revenue of $258.26 million for the quarter, compared to analyst estimates of $299.03 million. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.The company’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 earnings per share. On average, sell-side analysts predict that Teekay Tankers will post 15.4 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s payout ratio is presently 5.89%.

Insider Activity

In other news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total value of $569,160.00. Following the sale, the director owned 2,126 shares in the company, valued at $189,809.28. This represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $502,927.43. Following the transaction, the director directly owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 14,147 shares of company stock valued at $1,138,777 in the last ninety days. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds have recently added to or reduced their stakes in the business. Ruffer LLP acquired a new position in shares of Teekay Tankers in the 4th quarter valued at about $3,738,000. Fearnley Asset Management AS purchased a new stake in shares of Teekay Tankers in the fourth quarter worth about $17,890,000. Lazard Asset Management LLC purchased a new stake in shares of Teekay Tankers in the first quarter worth about $2,109,000. Mizuho Markets Americas LLC acquired a new stake in Teekay Tankers during the first quarter worth about $18,330,000. Finally, 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 acquiring an additional 170,940 shares during the period. 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.