Teekay Tankers (NYSE:TNK) Reaches New 52-Week High – Time to Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $63.76 and last traded at $63.09, with a volume of 19286 shares. The stock had previously closed at $61.78.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TNK shares. Jefferies Financial Group increased their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Clarkson Capital raised shares of Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Evercore ISI raised their price target on Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Price Performance

The stock has a 50-day moving average price of $56.96 and a 200-day moving average price of $52.96. The firm has a market capitalization of $2.14 billion, a PE ratio of 6.88 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.04. The company had revenue of $229.02 million during the quarter, compared to analyst estimates of $133.65 million. Teekay Tankers had a return on equity of 10.63% and a net margin of 32.87%.The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. As a group, equities research analysts predict that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

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

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors have recently added to or reduced their stakes in TNK. Dimensional Fund Advisors LP lifted its stake in Teekay Tankers by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 1,799,113 shares of the shipping company’s stock worth $90,947,000 after acquiring an additional 35,131 shares during the period. American Century Companies Inc. grew its stake in Teekay Tankers by 6.7% during the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock valued at $54,461,000 after acquiring an additional 67,186 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after acquiring an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC lifted its holdings in shares of Teekay Tankers by 14.4% in the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after acquiring an additional 63,125 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Teekay Tankers by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after purchasing an additional 14,052 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.