Teekay Tankers (NYSE:TNK) Stock Passes Above 200 Day Moving Average – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $60.51 and traded as high as $73.94. Teekay Tankers shares last traded at $72.0410, with a volume of 418,707 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on TNK shares. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $77.00.

Teekay Tankers Stock Down 0.5%

The business has a fifty day moving average of $69.37 and a 200 day moving average of $60.74. The company has a market cap of $2.52 billion, a P/E ratio of 7.23 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.09. The business had revenue of $258.27 million for the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.50 earnings per share. On average, sell-side analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were given a dividend of $0.25 per share. The ex-dividend date was Monday, March 2nd. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. Teekay Tankers’s payout ratio is currently 9.91%.

Institutional Trading of Teekay Tankers

Several institutional investors and hedge funds have recently bought and sold shares of TNK. Dimensional Fund Advisors LP grew its holdings in shares of Teekay Tankers by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,835,312 shares of the shipping company’s stock worth $98,042,000 after acquiring an additional 36,199 shares during the period. American Century Companies Inc. grew its stake in Teekay Tankers by 6.7% in the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after purchasing an additional 67,186 shares during the period. Ameriprise Financial Inc. grew its stake in Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after purchasing an additional 136,990 shares during the period. Summit Street Capital Management LLC raised its holdings in Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock worth $25,360,000 after purchasing an additional 63,125 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Teekay Tankers by 6.1% during the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after buying an additional 24,024 shares during the period. 52.67% of the stock is currently owned by hedge funds and other 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.