Teekay Tankers (NYSE:TNK) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Teekay Tankers (NYSE:TNK) posted its quarterly earnings data on Wednesday. The shipping company reported $5.04 earnings per share for the quarter, topping the consensus estimate of $4.86 by $0.18, Zacks reports. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%.

Teekay Tankers Trading Up 4.0%

Teekay Tankers stock traded up $3.43 during midday trading on Wednesday, reaching $89.13. The stock had a trading volume of 412,272 shares, compared to its average volume of 464,359. The company has a fifty day moving average price of $97.07 and a two-hundred day moving average price of $80.00. The company has a market capitalization of $3.08 billion, a P/E ratio of 5.25 and a beta of -0.05. Teekay Tankers has a 12 month low of $50.94 and a 12 month high of $110.65.

Insider Buying and Selling at Teekay Tankers

In other Teekay Tankers news, Director Heidi Locke Simon sold 741 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the completion of the sale, the director owned 4,000 shares of the company’s stock, valued at approximately $360,000. This trade represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David Schellenberg sold 7,344 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was 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. Over the last quarter, insiders sold 14,561 shares of company stock valued at $1,380,350. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TNK. Evercore reaffirmed an “outperform” rating and set a $116.00 target price on shares of Teekay Tankers in a research note on Tuesday, October 27th. Weiss Ratings upgraded Teekay Tankers from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Finally, Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.50.

Teekay Tankers Company Profile

Teekay Tankers Ltd. is an international marine transportation company that owns and operates tankers carrying crude oil and refined petroleum products. Its fleet includes crude-oil vessels such as Aframax and Suezmax tankers, as well as product carriers. The company serves customers in the global energy industry, including oil companies and commodity traders. Its vessels transport petroleum by sea on routes around the world, with employment through a mix of spot voyages and longer-term charter arrangements.