Teekay Tankers (NYSE:TNK) Sets New 1-Year High – Here’s What Happened

Shares of Teekay Tankers Ltd. (NYSE:TNK) hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $106.64 and last traded at $105.4630, with a volume of 58070 shares. The stock had previously closed at $102.12.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TNK shares. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Wall Street Zen cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Finally, Weiss Ratings upgraded shares of Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.00.

Teekay Tankers Price Performance

The business’s 50-day moving average price is $91.06 and its two-hundred day moving average price is $80.07. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 6.23 and a beta of -0.09.

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

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, August 10th. Teekay Tankers’s dividend payout ratio is currently 5.89%.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNK. Fearnley Asset Management AS acquired a new stake in Teekay Tankers during the fourth quarter worth about $17,890,000. Mizuho Markets Americas LLC purchased a new stake in shares of Teekay Tankers during the 1st quarter worth about $18,330,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Teekay Tankers by 367.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after purchasing an additional 170,940 shares during the period. NEOS Investment Management LLC increased its position in 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 purchasing an additional 74,894 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Teekay Tankers by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock valued at $139,579,000 after buying an additional 68,437 shares during the period. Institutional investors and hedge funds 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.