Teekay Tankers Ltd. (TNK) to Issue Dividend of $0.03
Teekay Tankers Ltd. (NYSE:TNK) declared a dividend on Wednesday, May 17th. Stockholders of record on Monday, May 29th will be paid a dividend of 0.03 per share by the shipping company on Friday, June 2nd. The ex-dividend date of this dividend is Wednesday, May 24th.
Teekay Tankers has raised its dividend payment by an average of 35.7% per year over the last three years. Teekay Tankers has a payout ratio of 133.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Teekay Tankers to earn $0.33 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 36.4%.
Shares of Teekay Tankers (NYSE:TNK) traded up 1.58% during trading on Thursday, hitting $1.93. The stock had a trading volume of 312,652 shares. Teekay Tankers has a one year low of $1.90 and a one year high of $3.84. The firm’s 50-day moving average is $2.02 and its 200-day moving average is $2.27. The firm has a market cap of $307.46 million, a P/E ratio of 4.82 and a beta of 2.48.
Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, May 18th. The shipping company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $125.10 million during the quarter, compared to analyst estimates of $95.97 million. Teekay Tankers had a return on equity of 13.73% and a net margin of 18.95%. The business’s revenue for the quarter was down 24.2% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. Equities research analysts forecast that Teekay Tankers will post $0.05 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Teekay Tankers by 9.1% in the first quarter. Vanguard Group Inc. now owns 269,522 shares of the shipping company’s stock worth $552,000 after buying an additional 22,398 shares during the period. Geode Capital Management LLC increased its stake in Teekay Tankers by 49.5% in the first quarter. Geode Capital Management LLC now owns 694,384 shares of the shipping company’s stock worth $1,422,000 after buying an additional 229,796 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Teekay Tankers by 21.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,889,137 shares of the shipping company’s stock worth $12,073,000 after buying an additional 1,042,375 shares during the period. Hedge funds and other institutional investors own 44.98% of the company’s stock.
A number of equities research analysts have weighed in on TNK shares. Zacks Investment Research upgraded Teekay Tankers from a “sell” rating to a “hold” rating in a research report on Saturday, February 4th. Credit Suisse Group AG restated a “neutral” rating on shares of Teekay Tankers in a research report on Wednesday, February 22nd. Finally, Bank of America Corp restated an “underperform” rating and issued a $1.80 target price (down from $2.25) on shares of Teekay Tankers in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Teekay Tankers currently has an average rating of “Hold” and a consensus target price of $2.59.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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