Teekay Tankers (NYSE:TNK) Sets New 52-Week High – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during mid-day trading on Friday. The company traded as high as $103.38 and last traded at $103.0610, with a volume of 273943 shares traded. The stock had previously closed at $101.01.

Wall Street Analyst Weigh In

TNK has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Wall Street Zen downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Trading Up 1.2%

The company has a 50 day moving average of $89.00 and a 200 day moving average of $79.05. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 6.02 and a beta of -0.09.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Wednesday, July 29th. The shipping company reported $5.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.61 by ($0.05). Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The business had revenue of $258.26 million during the quarter, compared to the consensus estimate of $299.03 million. During the same quarter in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s payout ratio is 5.89%.

Insider Buying and Selling

In other news, Director Heidi Locke Simon sold 741 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total value of $66,690.00. Following the sale, the director owned 4,000 shares of the company’s stock, valued at $360,000. The trade was a 15.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Schellenberg sold 7,344 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total transaction of $734,400.00. Following the transaction, the director owned 7,344 shares of the company’s stock, valued at approximately $734,400. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,561 shares of company stock worth $1,380,350 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently bought and sold shares of TNK. Engineers Gate Manager LP lifted its holdings in Teekay Tankers by 1.4% during the 2nd quarter. Engineers Gate Manager LP now owns 55,028 shares of the shipping company’s stock valued at $3,570,000 after purchasing an additional 786 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Teekay Tankers in the second quarter valued at about $28,000. IFP Advisors Inc raised its position in shares of Teekay Tankers by 672.0% in the second quarter. IFP Advisors Inc now owns 1,212 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 1,055 shares during the period. Allianz Asset Management GmbH acquired a new stake in shares of Teekay Tankers during the 2nd quarter worth about $356,000. Finally, NEOS Investment Management LLC boosted its holdings in shares of Teekay Tankers by 41.4% during the 2nd quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company’s stock worth $16,584,000 after buying an additional 74,894 shares during the period. Institutional investors own 52.67% of the company’s stock.

About Teekay Tankers

Teekay Tankers Ltd. (NYSE: TNK) is a marine transportation company focused on the international shipment of crude oil and refined petroleum products. The company owns and operates a fleet of conventional and specialized tankers that transport energy commodities for oil companies, refiners, commodity traders and other customers.

Its fleet has included crude oil tankers in segments such as Aframax and Suezmax, as well as product tankers used to carry refined fuels. Teekay Tankers generates revenue through vessel chartering arrangements and commercial pool and voyage activities, serving routes across major global oil-trading regions.

Teekay Tankers was established in 2007 as part of the Teekay group and is affiliated with Teekay Corporation, a marine energy transportation company.