Teekay Tankers Ltd. to Issue Quarterly Dividend of $0.25 (NYSE:TNK)

Teekay Tankers Ltd. (NYSE:TNK) declared a quarterly dividend on Wednesday, July 29th. Stockholders of record on Monday, August 10th will be paid a dividend of 0.25 per share by the shipping company on Friday, August 21st. This represents a c) dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, August 10th.

Teekay Tankers has a payout ratio of 14.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Teekay Tankers to earn $7.35 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 13.6%.

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $78.29 on Thursday. The stock has a market capitalization of $2.70 billion, a P/E ratio of 6.36 and a beta of -0.22. The company’s fifty day moving average price is $72.64 and its 200 day moving average price is $71.74. Teekay Tankers has a 1 year low of $41.77 and a 1 year high of $83.99.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. Sell-side analysts predict that Teekay Tankers will post 13.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TNK. Bank of America boosted their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Wall Street Zen raised shares of Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Weiss Ratings lowered Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Finally, Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $77.00.

About Teekay Tankers

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.