Teekay Tankers (NYSE:TNK) Reaches New 52-Week High Following Analyst Upgrade

Teekay Tankers Ltd. (NYSE:TNK)’s stock price hit a new 52-week high on Thursday after Jefferies Financial Group raised their price target on the stock from $70.00 to $76.00. Jefferies Financial Group currently has a buy rating on the stock. Teekay Tankers traded as high as $69.40 and last traded at $67.32, with a volume of 96903 shares traded. The stock had previously closed at $63.54.

TNK has been the subject of a number of other research reports. Bank of America upgraded shares of Teekay Tankers from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $72.00 in a research report on Friday, January 19th. StockNews.com raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Finally, Evercore ISI lowered their target price on shares of Teekay Tankers from $77.00 to $73.00 and set an “outperform” rating on the stock in a research note on Friday, February 23rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bleakley Financial Group LLC grew its holdings in shares of Teekay Tankers by 29.4% in the first quarter. Bleakley Financial Group LLC now owns 9,574 shares of the shipping company’s stock worth $559,000 after purchasing an additional 2,178 shares during the last quarter. ProShare Advisors LLC bought a new stake in Teekay Tankers in the first quarter valued at $251,000. Russell Investments Group Ltd. boosted its holdings in Teekay Tankers by 4.3% in the first quarter. Russell Investments Group Ltd. now owns 247,186 shares of the shipping company’s stock valued at $14,366,000 after acquiring an additional 10,260 shares in the last quarter. Sei Investments Co. boosted its holdings in Teekay Tankers by 47.2% in the first quarter. Sei Investments Co. now owns 72,591 shares of the shipping company’s stock valued at $4,240,000 after acquiring an additional 23,281 shares in the last quarter. Finally, Significant Wealth Partners LLC bought a new stake in Teekay Tankers in the first quarter valued at $386,000. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Trading Up 6.1 %

The company has a quick ratio of 4.02, a current ratio of 4.40 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2.31 billion, a P/E ratio of 4.56, a PEG ratio of 1.41 and a beta of -0.27. The firm’s fifty day moving average is $57.14 and its two-hundred day moving average is $54.72.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, February 22nd. The shipping company reported $2.87 EPS for the quarter, missing the consensus estimate of $3.68 by ($0.81). The firm had revenue of $194.46 million for the quarter, compared to analysts’ expectations of $219.93 million. Teekay Tankers had a net margin of 37.65% and a return on equity of 36.16%. Analysts predict that Teekay Tankers Ltd. will post 14.25 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, March 4th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, March 1st. Teekay Tankers’s dividend payout ratio is presently 6.73%.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.