Teekay Tankers (NYSE:TNK) Announces Earnings Results, Beats Expectations By $0.84 EPS

Teekay Tankers (NYSE:TNK) issued its quarterly earnings results on Wednesday. The shipping company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.84, Zacks reports. Teekay Tankers had a return on equity of 10.63% and a net margin of 32.87%.

Teekay Tankers Price Performance

NYSE:TNK traded up $0.84 during trading hours on Wednesday, hitting $72.45. The stock had a trading volume of 597,428 shares, compared to its average volume of 420,992. The company has a 50 day simple moving average of $59.63 and a two-hundred day simple moving average of $55.61. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 8.05 and a beta of -0.27. Teekay Tankers has a one year low of $33.35 and a one year high of $73.73.

Analyst Ratings Changes

Several analysts have commented on TNK shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore raised their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Wall Street Zen downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Jefferies Financial Group increased their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $65.00.

Institutional Trading of Teekay Tankers

Several institutional investors and hedge funds have recently modified their holdings of the business. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers during the 4th quarter valued at about $33,000. Aster Capital Management DIFC Ltd lifted its position in Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in Teekay Tankers during the third quarter valued at approximately $63,000. PNC Financial Services Group Inc. grew its stake in Teekay Tankers by 10.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after buying an additional 172 shares in the last quarter. Finally, Osaic Holdings Inc. increased its holdings in shares of Teekay Tankers by 85.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after buying an additional 1,123 shares during the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.