Teekay Tankers (NYSE:TNK) Hits New 52-Week High Following Analyst Upgrade

Shares of Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during trading on Monday after Jefferies Financial Group raised their price target on the stock from $62.00 to $66.00. Jefferies Financial Group currently has a buy rating on the stock. Teekay Tankers traded as high as $56.48 and last traded at $55.82, with a volume of 160358 shares traded. The stock had previously closed at $53.86.

TNK has been the subject of a number of other reports. Zacks Research upgraded shares of Teekay Tankers from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Teekay Tankers in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.33.

Institutional Trading of Teekay Tankers

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Teekay Tankers by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after acquiring an additional 394 shares during the period. Blue Trust Inc. increased its holdings in shares of Teekay Tankers by 49.3% during the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company’s stock valued at $66,000 after purchasing an additional 568 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Teekay Tankers by 19.7% during the 1st quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company’s stock valued at $71,000 after purchasing an additional 304 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Teekay Tankers by 85.9% during the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock valued at $101,000 after purchasing an additional 1,123 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Teekay Tankers during the 2nd quarter valued at approximately $129,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Trading Up 3.0%

The stock has a market capitalization of $1.90 billion, a PE ratio of 6.89 and a beta of -0.07. The firm’s fifty day moving average price is $50.29 and its two-hundred day moving average price is $45.78.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.59 by ($0.18). The firm had revenue of $154.23 million for the quarter, compared to analysts’ expectations of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same period last year, the firm earned $3.11 earnings per share. As a group, sell-side analysts anticipate that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 11th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, August 11th. Teekay Tankers’s payout ratio is 12.42%.

About Teekay Tankers

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.