Teekay Tankers (NYSE:TNK) Reaches New 1-Year High – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $106.64 and last traded at $105.4630, with a volume of 58,070 shares. The stock had previously closed at $102.12.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings upgraded Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday. Finally, Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $77.00.

Teekay Tankers Price Performance

The company has a market capitalization of $3.68 billion, a PE ratio of 6.28 and a beta of -0.09. The company’s fifty day moving average is $92.20 and its 200-day moving average is $80.53.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, July 29th. The shipping company reported $5.56 earnings per share for the quarter, missing analysts’ consensus estimates of $5.61 by ($0.05). Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. The company had revenue of $258.26 million for the quarter, compared to analysts’ expectations of $299.03 million. During the same quarter in the prior year, the company earned $1.41 EPS. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. Equities research analysts forecast that Teekay Tankers Ltd. will post 15.40 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s dividend payout ratio is 5.89%.

Insider Activity at Teekay Tankers

In other Teekay Tankers news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $89.28, for a total value of $569,160.00. Following the completion of the transaction, the director directly owned 2,126 shares in the company, valued at approximately $189,809.28. The trade was a 74.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Schellenberg sold 7,344 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $100.00, for a total transaction of $734,400.00. Following the sale, the director directly owned 7,344 shares of the company’s stock, valued at approximately $734,400. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,561 shares of company stock valued at $1,380,350 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Fearnley Asset Management AS purchased a new position in Teekay Tankers during the 4th quarter worth $17,890,000. Mizuho Markets Americas LLC purchased a new stake in Teekay Tankers in the first quarter valued at about $18,330,000. Arrowstreet Capital Limited Partnership raised its stake in Teekay Tankers by 367.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock valued at $15,947,000 after buying an additional 170,940 shares during the last quarter. NEOS Investment Management LLC boosted its holdings in Teekay Tankers by 41.4% in the second quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company’s stock worth $16,584,000 after acquiring an additional 74,894 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Teekay Tankers by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock worth $139,579,000 after acquiring an additional 68,437 shares in the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company focused on the international shipment of crude oil and refined petroleum products. The company owns and operates a fleet of conventional and specialized tankers that transport energy commodities for oil companies, refiners, commodity traders and other customers.

Its fleet has included crude oil tankers in segments such as Aframax and Suezmax, as well as product tankers used to carry refined fuels. Teekay Tankers generates revenue through vessel chartering arrangements and commercial pool and voyage activities, serving routes across major global oil-trading regions.

Teekay Tankers was established in 2007 as part of the Teekay group and is affiliated with Teekay Corporation, a marine energy transportation company.