Teekay Tankers (NYSE:TNK) Announces Earnings Results

Teekay Tankers (NYSE:TNK) released its quarterly earnings data on Wednesday. The shipping company reported $5.56 EPS for the quarter, missing the consensus estimate of $5.71 by ($0.15), FiscalAI reports. The company had revenue of $379.51 million during the quarter, compared to analysts’ expectations of $300.81 million. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%.

Teekay Tankers Trading Up 2.0%

NYSE:TNK traded up $1.51 during trading hours on Wednesday, hitting $78.29. 327,330 shares of the stock were exchanged, compared to its average volume of 458,821. Teekay Tankers has a 52-week low of $41.77 and a 52-week high of $83.99. The firm’s fifty day moving average price is $72.66 and its 200 day moving average price is $71.61. The company has a market cap of $2.70 billion, a P/E ratio of 6.36 and a beta of -0.22.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s payout ratio is presently 8.13%.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the sale, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its holdings in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after purchasing an additional 136,990 shares during the period. Man Group plc purchased a new position in Teekay Tankers during the fourth quarter worth about $5,264,000. Millennium Management LLC boosted its holdings in Teekay Tankers by 203.6% in the 4th quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock valued at $7,820,000 after purchasing an additional 98,156 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Teekay Tankers in the 4th quarter valued at about $5,174,000. Finally, HRT Financial LP purchased a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $5,049,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on TNK. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Weiss Ratings downgraded shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Bank of America upped their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Finally, Wall Street Zen raised Teekay Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $77.00.

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.