Teekay Tankers (NYSE:TNK) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s share price 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 changing hands.

Analyst Ratings Changes

TNK has been the topic of several research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore reaffirmed an “outperform” rating and set a $84.00 target price on shares of Teekay Tankers in a report on Friday, February 20th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, February 20th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Teekay Tankers has a consensus rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Stock Up 4.5%

The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 6.56 and a beta of -0.32. The company’s 50 day moving average is $66.88 and its 200 day moving average is $59.22.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.09. The business had revenue of $158.78 million during the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.50 EPS. On average, analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current year.

Teekay Tankers Dividend Announcement

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

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently made changes to their positions in TNK. AQR Capital Management LLC grew its position in Teekay Tankers by 107.2% during the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock worth $3,200,000 after buying an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Teekay Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after acquiring an additional 610 shares during the period. Millennium Management LLC grew its holdings in shares of Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after purchasing an additional 50,815 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Teekay Tankers by 70.5% in the second quarter. Envestnet Asset Management Inc. now owns 17,684 shares of the shipping company’s stock worth $738,000 after purchasing an additional 7,313 shares during the period. Finally, ProShare Advisors LLC bought a new position in shares of Teekay Tankers in the second quarter worth $206,000. 52.67% of the stock is currently owned by institutional investors.

About Teekay Tankers

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.