Teekay Tankers (NYSE:TNK) Releases Earnings Results, Beats Estimates By $0.09 EPS

Teekay Tankers (NYSE:TNK) posted its earnings results on Wednesday. The shipping company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09, Zacks reports. The firm had revenue of $158.78 million during the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share.

Teekay Tankers Price Performance

Teekay Tankers stock opened at $72.45 on Thursday. The business has a fifty day moving average price of $60.01 and a 200-day moving average price of $55.73. Teekay Tankers has a 1-year low of $33.35 and a 1-year high of $73.73. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 8.05 and a beta of -0.27.

Wall Street Analyst Weigh In

TNK has been the subject of several research reports. Jefferies Financial Group increased their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Evercore lifted their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Two analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $65.00.

Institutional Trading of Teekay Tankers

Several large investors have recently added to or reduced their stakes in TNK. First Trust Advisors LP grew its holdings in Teekay Tankers by 13.2% during the fourth quarter. First Trust Advisors LP now owns 7,087 shares of the shipping company’s stock worth $379,000 after acquiring an additional 829 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of Teekay Tankers in the 4th quarter valued at about $1,098,000. Prelude Capital Management LLC acquired a new stake in shares of Teekay Tankers in the third quarter valued at about $383,000. Mariner LLC boosted its position in Teekay Tankers by 5.6% in the 4th quarter. Mariner LLC now owns 7,286 shares of the shipping company’s stock valued at $389,000 after buying an additional 384 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Teekay Tankers by 9.6% during the second quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after acquiring an additional 1,035 shares during the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

About Teekay Tankers

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.