Teekay Tankers Ltd. (NYSE:TNK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Teekay Tankers Ltd. (NYSE:TNK) have earned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $77.00.

TNK has been the subject of a number of research analyst reports. Bank of America raised their target price on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th. Evercore reiterated an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $66.26 on Tuesday. The business has a 50-day moving average of $75.35 and a 200 day moving average of $69.02. Teekay Tankers has a 12 month low of $41.05 and a 12 month high of $83.99. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 5.39 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. Equities research analysts anticipate that Teekay Tankers will post 13.75 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.13%.

Insider Activity

In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the transaction, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teekay Tankers in the 4th quarter valued at about $28,000. Kemnay Advisory Services Inc. purchased a new stake in Teekay Tankers during the fourth quarter worth approximately $33,000. Leonteq Securities AG purchased a new stake in Teekay Tankers during the fourth quarter worth approximately $34,000. Global Trust Asset Management LLC purchased a new stake in Teekay Tankers during the first quarter worth approximately $46,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors 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.