Teekay Tankers (NYSE:TNK) Announces Earnings Results

Teekay Tankers (NYSE:TNK – Get Rating) announced its quarterly earnings data on Thursday. The shipping company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.43, Briefing.com reports. The business had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $109.04 million. Teekay Tankers had a negative net margin of 40.96% and a negative return on equity of 15.05%. The business’s revenue was up 96.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.23) earnings per share.

Teekay Tankers Stock Performance

TNK traded up $0.12 during mid-day trading on Friday, reaching $22.79. 428,288 shares of the company traded hands, compared to its average volume of 383,212. The company’s fifty day moving average price is $19.31 and its 200-day moving average price is $15.97. The stock has a market capitalization of $768.89 million, a P/E ratio of -3.29, a P/E/G ratio of 151.27 and a beta of -0.03. The company has a quick ratio of 0.92, a current ratio of 1.26 and a debt-to-equity ratio of 0.64. Teekay Tankers has a 52-week low of $9.89 and a 52-week high of $23.52.

Institutional Trading of Teekay Tankers

A number of hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new stake in Teekay Tankers during the first quarter valued at about $159,000. PDT Partners LLC bought a new stake in Teekay Tankers during the first quarter valued at about $185,000. Goldman Sachs Group Inc. bought a new stake in Teekay Tankers during the first quarter valued at about $198,000. Renaissance Technologies LLC bought a new position in shares of Teekay Tankers in the first quarter worth about $238,000. Finally, Atria Wealth Solutions Inc. bought a new position in shares of Teekay Tankers in the first quarter worth about $346,000. Hedge funds and other institutional investors own 28.74% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TNK shares. Clarkson Capital reiterated a “buy” rating on shares of Teekay Tankers in a research note on Tuesday, June 14th. StockNews.com downgraded shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research note on Friday, July 22nd. Finally, Jefferies Financial Group upped their target price on shares of Teekay Tankers from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday.

Teekay Tankers Company Profile

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Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.