Teekay Tankers Ltd. (NYSE:TNK) Receives $77.00 Average Target Price from Analysts

Teekay Tankers Ltd. (NYSE:TNK) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $77.00.

Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Wall Street Zen raised Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Weiss Ratings downgraded Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $75.90 on Friday. The company’s 50 day simple moving average is $72.64 and its 200 day simple moving average is $71.48. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 6.17 and a beta of -0.22. Teekay Tankers has a 1 year low of $41.77 and a 1 year high of $83.99.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, analysts anticipate that Teekay Tankers will post 13.75 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were issued 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 dividend yield of 1.3%. Teekay Tankers’s payout ratio is 8.13%.

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director directly owned 7,445 shares in the company, valued at $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in TNK. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. acquired a new position in shares of Teekay Tankers during the fourth quarter worth $33,000. Global Trust Asset Management LLC bought a new position in shares of Teekay Tankers in the 1st quarter valued at $46,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers in the 4th quarter valued at $34,000. Finally, Aster Capital Management DIFC Ltd boosted its holdings in shares of Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 1,032 shares in the last quarter. 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.