Teekay Tankers (NYSE:TNK) Hits New 12-Month High – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high on Wednesday . The stock traded as high as $62.09 and last traded at $61.56, with a volume of 41381 shares trading hands. The stock had previously closed at $60.81.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Teekay Tankers in a research report on Wednesday, October 8th. Jefferies Financial Group upped their price objective on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Evercore ISI raised their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Finally, Zacks Research raised Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Teekay Tankers Stock Up 1.0%

The firm’s fifty day simple moving average is $54.86 and its 200-day simple moving average is $48.44. The firm has a market capitalization of $2.15 billion, a PE ratio of 6.94 and a beta of -0.11.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.04. The company had revenue of $115.21 million during the quarter, compared to the consensus estimate of $133.65 million. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.81%. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 earnings per share. As a group, analysts predict that Teekay Tankers Ltd. will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Monday, November 10th will be paid a $0.25 dividend. The ex-dividend date is Monday, November 10th. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. Teekay Tankers’s payout ratio is currently 11.11%.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently modified their holdings of the business. SummitTX Capital L.P. raised its position in Teekay Tankers by 13.0% in the 3rd quarter. SummitTX Capital L.P. now owns 73,417 shares of the shipping company’s stock worth $3,711,000 after buying an additional 8,437 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Teekay Tankers by 81.3% during the 3rd quarter. Raymond James Financial Inc. now owns 28,964 shares of the shipping company’s stock valued at $1,464,000 after acquiring an additional 12,986 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Teekay Tankers by 10.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 189,937 shares of the shipping company’s stock worth $9,601,000 after acquiring an additional 18,009 shares during the period. UBS Group AG grew its stake in shares of Teekay Tankers by 17.6% in the third quarter. UBS Group AG now owns 174,610 shares of the shipping company’s stock worth $8,827,000 after acquiring an additional 26,114 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Teekay Tankers by 37.4% during the third quarter. BNP Paribas Financial Markets now owns 11,196 shares of the shipping company’s stock valued at $566,000 after purchasing an additional 3,050 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.