Teekay Tankers (NYSE:TNK) Reaches New 52-Week High – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $74.85 and last traded at $74.1160, with a volume of 270650 shares trading hands. The stock had previously closed at $73.82.

Wall Street Analysts Forecast Growth

TNK has been the topic of several recent research reports. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Jefferies Financial Group raised their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Evercore reaffirmed an “outperform” rating and set a $84.00 price target on shares of Teekay Tankers in a report on Friday, February 20th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Finally, Wall Street Zen downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $77.00.

Teekay Tankers Stock Performance

The firm has a market capitalization of $2.56 billion, a P/E ratio of 7.34 and a beta of -0.27. The firm has a 50 day moving average price of $61.55 and a two-hundred day moving average price of $56.58.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Wednesday, February 18th. The shipping company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business had revenue of $158.78 million during the quarter, compared to the consensus estimate of $179.70 million. During the same period in the prior year, the business posted $1.50 earnings per share. Teekay Tankers’s revenue was down .3% compared to the same quarter last year. Equities research analysts forecast that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Teekay Tankers’s dividend payout ratio is currently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after purchasing an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Teekay Tankers by 24.9% in the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after purchasing an additional 50,815 shares in the last quarter. Ethic Inc. boosted its position in shares of Teekay Tankers by 39.7% in the second quarter. Ethic Inc. now owns 19,985 shares of the shipping company’s stock worth $846,000 after buying an additional 5,678 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Teekay Tankers by 6,154.4% during the second quarter. Nisa Investment Advisors LLC now owns 6,442 shares of the shipping company’s stock valued at $269,000 after buying an additional 6,339 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.