Teekay Tankers (NYSE:TNK) Hits New 12-Month High – Still a Buy?

Teekay Tankers Ltd. (NYSE:TNK) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $61.88 and last traded at $61.2060, with a volume of 67813 shares changing hands. The stock had previously closed at $61.00.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TNK. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Jefferies Financial Group upped their price objective 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 ISI upped their price objective 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teekay Tankers in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and an average target price of $58.67.

Teekay Tankers Price Performance

The firm’s 50 day moving average price is $53.46 and its 200-day moving average price is $47.60. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 6.80 and a beta of -0.11.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.04. The business had revenue of $115.21 million for the quarter, compared to the consensus estimate of $133.65 million. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.81%. Teekay Tankers’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter last year, the company posted $0.23 earnings per share. Analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Monday, November 10th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, November 10th. Teekay Tankers’s dividend payout ratio (DPR) is presently 11.11%.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors have recently modified their holdings of TNK. Envestnet Asset Management Inc. lifted its stake in Teekay Tankers by 9.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 10,371 shares of the shipping company’s stock valued at $397,000 after acquiring an additional 865 shares in the last quarter. TD Private Client Wealth LLC raised its stake in shares of Teekay Tankers by 19.7% during the 1st quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company’s stock worth $71,000 after purchasing an additional 304 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of Teekay Tankers by 13.1% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 14,016 shares of the shipping company’s stock worth $536,000 after purchasing an additional 1,618 shares in the last quarter. Harvey Capital Management Inc. raised its stake in shares of Teekay Tankers by 14.0% during the 1st quarter. Harvey Capital Management Inc. now owns 10,585 shares of the shipping company’s stock worth $405,000 after purchasing an additional 1,300 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Teekay Tankers by 67.9% during the 1st quarter. New York State Common Retirement Fund now owns 35,602 shares of the shipping company’s stock worth $1,362,000 after purchasing an additional 14,400 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.