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

Teekay Tankers Ltd. (NYSE:TNK)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $74.85 and last traded at $74.1160, with a volume of 270650 shares traded. The stock had previously closed at $73.82.

Analyst Upgrades and Downgrades

TNK has been the subject of a number of recent analyst reports. DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore reiterated an “outperform” rating and set a $84.00 price target on shares of Teekay Tankers in a report on Friday, February 20th. Jefferies Financial Group increased their price objective on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Dnb Carnegie lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Trading Up 1.6%

The firm has a market cap of $2.70 billion, a P/E ratio of 7.75 and a beta of -0.27. The business’s fifty day moving average price is $62.43 and its two-hundred day moving average price is $56.85.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping 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 company had revenue of $158.78 million during the quarter, compared to the consensus estimate of $179.70 million. During the same quarter in the prior year, the company posted $1.50 EPS. The firm’s revenue was down .3% on a year-over-year basis. Research analysts predict that Teekay Tankers Ltd. will post 7.13 EPS 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. Investors of record on Monday, March 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, March 2nd. Teekay Tankers’s dividend payout ratio is currently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently bought and sold shares of the company. Vident Advisory LLC acquired a new position in shares of Teekay Tankers during the 4th quarter worth about $718,000. EP Wealth Advisors LLC bought a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $316,000. Empowered Funds LLC grew its stake in shares of Teekay Tankers by 5.4% in the fourth quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company’s stock worth $8,449,000 after acquiring an additional 8,066 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Teekay Tankers in the fourth quarter worth $1,199,000. Finally, Voloridge Investment Management LLC bought a new position in Teekay Tankers during the fourth quarter worth $1,022,000. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Company Profile

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.