Teekay Tankers (NYSE:TNK) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Teekay Tankers Ltd. (NYSE:TNK) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $70.44 and traded as high as $74.00. Teekay Tankers shares last traded at $71.9070, with a volume of 189,757 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TNK. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. Bank of America upped their price objective on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. Evercore restated an “outperform” rating and set a $86.00 price objective on shares of Teekay Tankers in a research report on Friday, May 15th. Finally, Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Teekay Tankers Trading Down 1.1%

The business has a fifty day moving average price of $73.33 and a two-hundred day moving average price of $70.44. The firm has a market capitalization of $2.48 billion, a PE ratio of 5.85 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, equities analysts forecast that Teekay Tankers Ltd. will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Teekay Tankers’s dividend payout ratio (DPR) is currently 8.13%.

Insider Activity

In other news, Director David Schellenberg sold 7,031 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in Teekay Tankers by 10.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after purchasing an additional 172 shares during the last quarter. CWA Asset Management Group LLC lifted its stake in Teekay Tankers by 1.5% during the fourth quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock worth $621,000 after purchasing an additional 176 shares in the last quarter. Baron Wealth Management LLC lifted its stake in Teekay Tankers by 4.5% during the second quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after purchasing an additional 178 shares in the last quarter. Glenorchy Capital Ltd lifted its stake in Teekay Tankers by 0.5% during the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after purchasing an additional 198 shares in the last quarter. Finally, Boothbay Fund Management LLC boosted its position in shares of Teekay Tankers by 1.4% during the fourth quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock worth $810,000 after buying an additional 214 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.