Teekay Tankers Ltd. (TNK) To Go Ex-Dividend on November 17th
Teekay Tankers Ltd. (NYSE:TNK) declared a quarterly dividend on Wednesday, November 8th, NASDAQ reports. Shareholders of record on Monday, November 20th will be paid a dividend of 0.03 per share by the shipping company on Friday, November 24th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 8.39%. The ex-dividend date of this dividend is Friday, November 17th.
Teekay Tankers has raised its dividend by an average of 35.7% per year over the last three years. Teekay Tankers has a dividend payout ratio of -133.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Teekay Tankers to earn $0.10 per share next year, which means the company may not be able to cover its $0.12 annual dividend with an expected future payout ratio of 120.0%.
Teekay Tankers (NYSE TNK) opened at $1.43 on Thursday. Teekay Tankers has a one year low of $1.37 and a one year high of $2.78. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.80 and a current ratio of 0.67.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.02. The company had revenue of $91.20 million for the quarter, compared to analysts’ expectations of $68.67 million. Teekay Tankers had a negative return on equity of 0.99% and a negative net margin of 11.43%. The firm’s quarterly revenue was down 16.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. research analysts predict that Teekay Tankers will post -0.12 earnings per share for the current year.
Teekay Tankers declared that its Board of Directors has approved a share buyback program on Friday, September 15th that authorizes the company to buyback $45.00 million in outstanding shares. This buyback authorization authorizes the shipping company to buy up to 16.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of research analysts have commented on the company. TheStreet cut Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. BidaskClub raised Teekay Tankers from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 2nd. Zacks Investment Research lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. ValuEngine lowered Teekay Tankers from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Bank of America Corporation dropped their target price on Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating on the stock in a research report on Friday, November 10th. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock currently has an average rating of “Sell” and an average target price of $1.60.
An institutional investor recently raised its position in Teekay Tankers stock. Vanguard Group Inc. lifted its holdings in shares of Teekay Tankers Ltd. (NYSE:TNK) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 287,429 shares of the shipping company’s stock after acquiring an additional 17,907 shares during the quarter. Vanguard Group Inc. owned 0.17% of Teekay Tankers worth $540,000 as of its most recent filing with the SEC. Institutional investors own 40.33% of the company’s stock.
Teekay Tankers Company Profile
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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