Teekay Tankers (NYSE:TNK) Shares Up 6.1% – Time to Buy?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price shot up 6.1% during trading on Monday . The company traded as high as $36.58 and last traded at $36.58. 87,763 shares were traded during mid-day trading, a decline of 76% from the average session volume of 359,731 shares. The stock had previously closed at $34.47.

Analysts Set New Price Targets

Separately, Jefferies Financial Group restated a “buy” rating and issued a $55.00 target price on shares of Teekay Tankers in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Teekay Tankers presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Teekay Tankers Stock Performance

The stock has a market cap of $1.29 billion, a PE ratio of 3.32 and a beta of -0.16. The stock has a fifty day moving average price of $39.48 and a 200 day moving average price of $43.99.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Wednesday, February 19th. The shipping company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.49 by $0.01. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The company had revenue of $163.42 million during the quarter, compared to analyst estimates of $158.26 million. As a group, equities analysts anticipate that Teekay Tankers Ltd. will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were issued a dividend of $0.25 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.00 annualized dividend and a yield of 2.66%. Teekay Tankers’s payout ratio is 8.83%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. American Century Companies Inc. raised its holdings in shares of Teekay Tankers by 7.8% in the fourth quarter. American Century Companies Inc. now owns 914,657 shares of the shipping company’s stock worth $36,394,000 after buying an additional 66,332 shares during the period. Principal Financial Group Inc. grew its position in Teekay Tankers by 9.7% in the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after acquiring an additional 80,217 shares during the last quarter. Renaissance Technologies LLC increased its stake in Teekay Tankers by 1.8% in the fourth quarter. Renaissance Technologies LLC now owns 602,412 shares of the shipping company’s stock worth $23,970,000 after purchasing an additional 10,900 shares during the period. Bridgeway Capital Management LLC lifted its position in shares of Teekay Tankers by 2.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 349,161 shares of the shipping company’s stock worth $13,893,000 after purchasing an additional 8,814 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Teekay Tankers by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 320,965 shares of the shipping company’s stock valued at $12,771,000 after purchasing an additional 2,978 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.