Teekay Tankers (NYSE:TNK) Reaches New 52-Week High at $48.05

Posted by on Mar 11th, 2023

Teekay Tankers Ltd. (NYSE:TNK – Get Rating) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $48.05 and last traded at $47.20, with a volume of 39171 shares. The stock had previously closed at $47.33.

Analyst Upgrades and Downgrades

Several research firms recently commented on TNK. TheStreet upgraded Teekay Tankers from a “c” rating to a “b” rating in a research report on Thursday, February 23rd. StockNews.com raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Monday, February 27th. Finally, Jefferies Financial Group upped their price objective on shares of Teekay Tankers from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, February 23rd. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.00.

Teekay Tankers Trading Down 0.8 %

The company has a current ratio of 2.70, a quick ratio of 2.34 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $35.03 and a 200 day moving average of $31.93.

Teekay Tankers (NYSE:TNK – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The shipping company reported $4.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.82. The company had revenue of $367.30 million for the quarter, compared to analysts’ expectations of $211.54 million. Teekay Tankers had a return on equity of 23.65% and a net margin of 21.55%. The firm’s revenue for the quarter was up 129.1% on a year-over-year basis. During the same period last year, the firm earned ($0.74) EPS. As a group, analysts anticipate that Teekay Tankers Ltd. will post 11.32 earnings per share for the current fiscal year.

Institutional Trading of Teekay Tankers

A number of large investors have recently added to or reduced their stakes in TNK. Quantamental Technologies LLC bought a new stake in shares of Teekay Tankers during the 3rd quarter worth $312,000. Aigen Investment Management LP purchased a new position in Teekay Tankers in the 3rd quarter worth about $929,000. LMR Partners LLP acquired a new stake in Teekay Tankers during the 3rd quarter worth about $412,000. Trexquant Investment LP purchased a new stake in Teekay Tankers during the second quarter valued at about $413,000. Finally, Ahrens Investment Partners LLC acquired a new position in shares of Teekay Tankers in the third quarter worth about $857,000. 28.74% of the stock is currently owned by institutional investors.

About Teekay Tankers

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Teekay Tankers Ltd. engages in the provision of crude oil and refined petroleum products through the operation of its oil and product tankers. It operates through the Tanker and Ship-to-Ship (STS) Transfer segment. The Tanker segment includes the operations of all the tankers, including those employed on full service lightering contracts.

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