Teekay Tankers (NYSE:TNK) Sets New 1-Year High Following Analyst Upgrade

Teekay Tankers Ltd. (NYSE:TNK)’s stock price hit a new 52-week high on Thursday after Jefferies Financial Group raised their price target on the stock from $70.00 to $76.00. Jefferies Financial Group currently has a buy rating on the stock. Teekay Tankers traded as high as $69.40 and last traded at $67.32, with a volume of 96903 shares. The stock had previously closed at $63.54.

TNK has been the subject of a number of other reports. Evercore ISI reduced their price target on shares of Teekay Tankers from $77.00 to $73.00 and set an “outperform” rating for the company in a research report on Friday, February 23rd. StockNews.com raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Finally, Bank of America raised Teekay Tankers from a “neutral” rating to a “buy” rating and upped their target price for the company from $56.00 to $72.00 in a research report on Friday, January 19th.

Institutional Trading of Teekay Tankers

A number of large investors have recently bought and sold shares of the business. SG Americas Securities LLC increased its stake in Teekay Tankers by 485.2% in the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after purchasing an additional 247,489 shares during the period. Principal Financial Group Inc. increased its position in Teekay Tankers by 38.8% in the 4th quarter. Principal Financial Group Inc. now owns 828,888 shares of the shipping company’s stock valued at $41,420,000 after acquiring an additional 231,921 shares during the period. Acadian Asset Management LLC raised its stake in Teekay Tankers by 94.3% during the 3rd quarter. Acadian Asset Management LLC now owns 409,144 shares of the shipping company’s stock valued at $17,022,000 after acquiring an additional 198,613 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Teekay Tankers during the 4th quarter worth approximately $6,243,000. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Teekay Tankers by 180.8% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 182,816 shares of the shipping company’s stock valued at $7,611,000 after purchasing an additional 117,716 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

The company has a quick ratio of 4.02, a current ratio of 4.40 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $57.43 and a 200-day moving average price of $54.82. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 4.66, a price-to-earnings-growth ratio of 1.41 and a beta of -0.27.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, February 22nd. The shipping company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.81). The firm had revenue of $194.46 million during the quarter, compared to analysts’ expectations of $219.93 million. Teekay Tankers had a net margin of 37.65% and a return on equity of 36.16%. On average, analysts expect that Teekay Tankers Ltd. will post 14.25 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Monday, March 4th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, March 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.44%. Teekay Tankers’s dividend payout ratio (DPR) is 6.73%.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.