Teekay Tankers (NYSE:TNK) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Teekay Tankers Ltd. (NYSE:TNK) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $59.22 and traded as high as $66.30. Teekay Tankers shares last traded at $66.2390, with a volume of 419,911 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TNK shares. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Finally, Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $77.00.

Teekay Tankers Price Performance

The firm has a market capitalization of $2.29 billion, a P/E ratio of 6.56 and a beta of -0.32. The firm’s 50 day moving average is $66.88 and its two-hundred day moving average is $59.22.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The firm had revenue of $158.78 million for the quarter, compared to analyst estimates of $179.70 million. During the same period in the prior year, the firm posted $1.50 earnings per share. The company’s quarterly revenue was down .3% compared to the same quarter last year. Analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is 9.91%.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors have recently bought and sold shares of the business. Fearnley Asset Management AS bought a new stake in Teekay Tankers in the fourth quarter valued at approximately $17,890,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Teekay Tankers by 217.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company’s stock worth $75,000 after acquiring an additional 959 shares during the period. Vident Advisory LLC acquired a new position in shares of Teekay Tankers during the 4th quarter worth approximately $718,000. EP Wealth Advisors LLC acquired a new position in shares of Teekay Tankers during the 4th quarter worth approximately $316,000. Finally, Empowered Funds LLC raised its stake in Teekay Tankers by 5.4% in the 4th quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company’s stock valued at $8,449,000 after acquiring an additional 8,066 shares during the period. Institutional investors and hedge funds 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.