Teekay Tankers Ltd. (TNK) Issues Earnings Results
Teekay Tankers Ltd. (NYSE:TNK) announced its quarterly earnings results on Thursday. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02, Briefing.com reports. The business had revenue of $91.20 million for the quarter, compared to analyst estimates of $68.67 million. Teekay Tankers had a negative net margin of 11.43% and a negative return on equity of 0.97%. The company’s revenue was down 16.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS.
Shares of Teekay Tankers (TNK) opened at $1.45 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.80 and a current ratio of 0.80. Teekay Tankers has a 52 week low of $1.37 and a 52 week high of $2.78.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 20th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 8.28%. The ex-dividend date is Friday, November 17th. Teekay Tankers’s payout ratio is -42.86%.
Teekay Tankers announced that its Board of Directors has authorized a share repurchase plan on Friday, September 15th that authorizes the company to buyback $45.00 million in outstanding shares. This buyback authorization authorizes the shipping company to reacquire up to 16.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
A hedge fund recently raised its stake in Teekay Tankers stock. Vanguard Group Inc. boosted its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 287,429 shares of the shipping company’s stock after acquiring an additional 17,907 shares during the period. Vanguard Group Inc. owned 0.17% of Teekay Tankers worth $540,000 at the end of the most recent reporting period. 39.88% of the stock is currently owned by hedge funds and other institutional investors.
TNK has been the topic of a number of research reports. BidaskClub lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. ValuEngine lowered shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. TheStreet lowered shares of Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Finally, Bank of America Corporation cut their target price on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating on the stock in a research note on Friday. Four research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company presently has an average rating of “Sell” and a consensus target price of $1.60.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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