Teekay Tankers (NYSE:TNK) Posts Earnings Results, Beats Expectations By $0.43 EPS

Teekay Tankers (NYSE:TNK – Get Rating) issued its quarterly earnings data on Thursday. The shipping company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.43, Briefing.com reports. Teekay Tankers had a negative return on equity of 7.49% and a negative net margin of 11.15%. The company had revenue of $242.40 million for the quarter, compared to the consensus estimate of $109.04 million. During the same quarter last year, the business posted ($1.23) earnings per share. The firm’s revenue was up 96.4% compared to the same quarter last year.

Teekay Tankers Stock Up 0.5 %

NYSE TNK opened at $22.79 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.26 and a quick ratio of 0.92. Teekay Tankers has a 1 year low of $9.89 and a 1 year high of $23.52. The business’s 50-day moving average is $19.34 and its 200 day moving average is $16.04.

Analyst Ratings Changes

A number of brokerages recently issued reports on TNK. TheStreet upgraded Teekay Tankers from a “d+” rating to a “c-” rating in a research report on Thursday. Jefferies Financial Group increased their target price on Teekay Tankers from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday. Clarkson Capital reissued a “buy” rating on shares of Teekay Tankers in a research note on Tuesday, June 14th. Finally, StockNews.com raised Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Institutional Trading of Teekay Tankers

Several institutional investors and hedge funds have recently bought and sold shares of TNK. NewEdge Advisors LLC purchased a new position in shares of Teekay Tankers during the first quarter valued at approximately $159,000. PDT Partners LLC purchased a new position in shares of Teekay Tankers during the first quarter valued at approximately $185,000. Goldman Sachs Group Inc. purchased a new position in shares of Teekay Tankers during the first quarter valued at approximately $198,000. Renaissance Technologies LLC purchased a new position in shares of Teekay Tankers during the first quarter valued at approximately $238,000. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of Teekay Tankers during the first quarter valued at approximately $346,000. 28.74% of the stock is currently owned by hedge funds and other institutional investors.

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.