Teekay Tankers (NYSE:TNK) Stock Price Crosses Above 200 Day Moving Average – Should You Sell?

Teekay Tankers Ltd. (NYSE:TNK)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $69.70 and traded as high as $71.75. Teekay Tankers shares last traded at $71.6030, with a volume of 292,280 shares.

Analyst Ratings Changes

A number of brokerages recently issued reports on TNK. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Wednesday, June 24th. Evercore reiterated an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a report on Friday, May 15th. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Finally, Bank of America boosted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, three 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Performance

The stock has a market cap of $2.50 billion, a P/E ratio of 5.88 and a beta of -0.22. The firm has a 50-day moving average price of $74.12 and a 200-day moving average price of $69.81.

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

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 annualized dividend and a yield of 1.4%. Teekay Tankers’s payout ratio is presently 8.13%.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the sale, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Teekay Tankers

A number of hedge funds have recently made changes to their positions in TNK. PNC Financial Services Group Inc. increased its position in Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after buying an additional 172 shares in the last quarter. CWA Asset Management Group LLC raised its stake in Teekay Tankers by 1.5% during the fourth quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock valued at $621,000 after buying an additional 176 shares during the last quarter. Baron Wealth Management LLC boosted its holdings in Teekay Tankers by 4.5% in the second quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after acquiring an additional 178 shares in the last quarter. Glenorchy Capital Ltd boosted its holdings in Teekay Tankers by 0.5% in the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after acquiring an additional 198 shares in the last quarter. Finally, Boothbay Fund Management LLC grew its stake in shares of Teekay Tankers by 1.4% in the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after acquiring an additional 214 shares during the last quarter. 52.67% of the stock is 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.