Teekay Tankers (NYSE:TNK) Hits 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 Tuesday . The company traded as high as $63.30 and last traded at $63.11, with a volume of 107168 shares traded. The stock had previously closed at $62.49.

Analyst Ratings Changes

Several brokerages have recently issued reports on TNK. Zacks Research raised shares of Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. Clarkson Capital raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teekay Tankers in a research report on Wednesday, October 8th. Evercore ISI lifted their target price on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Jefferies Financial Group upped their price target on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Teekay Tankers currently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Teekay Tankers Price Performance

The company has a 50-day moving average of $55.25 and a two-hundred day moving average of $48.79. The stock has a market capitalization of $2.18 billion, a PE ratio of 7.03 and a beta of -0.11.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.04. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The business had revenue of $115.21 million during the quarter, compared to the consensus estimate of $133.65 million. During the same period in the prior year, the firm posted $0.23 EPS. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. On average, research analysts forecast that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Monday, November 10th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, November 10th. Teekay Tankers’s dividend payout ratio (DPR) is presently 11.11%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNK. GAMMA Investing LLC increased its holdings in shares of Teekay Tankers by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after acquiring an additional 394 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Teekay Tankers during the third quarter valued at $54,000. Global Retirement Partners LLC raised its holdings in shares of Teekay Tankers by 162.6% during the third quarter. Global Retirement Partners LLC now owns 2,064 shares of the shipping company’s stock worth $104,000 after purchasing an additional 1,278 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Teekay Tankers by 13.0% during the second quarter. TD Private Client Wealth LLC now owns 2,084 shares of the shipping company’s stock valued at $87,000 after purchasing an additional 240 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Teekay Tankers in the third quarter worth about $111,000. 52.67% of the stock is currently owned by institutional investors.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.