Teekay Tankers (NYSE:TNK) Hits New 12-Month High – Should You Buy?

Teekay Tankers Ltd. (NYSE:TNK) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $71.28 and last traded at $70.32, with a volume of 10413 shares. The stock had previously closed at $70.55.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Jefferies Financial Group lifted their price objective on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Wall Street Zen cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Evercore upped their price target on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $65.00.

Teekay Tankers Stock Performance

The company has a market capitalization of $2.44 billion, a P/E ratio of 7.85 and a beta of -0.27. The firm has a 50 day moving average price of $59.28 and a two-hundred day moving average price of $55.40.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently made changes to their positions in TNK. PNC Financial Services Group Inc. lifted its holdings in Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after purchasing an additional 172 shares during the last quarter. CWA Asset Management Group LLC raised its position in Teekay Tankers by 1.5% in the 4th quarter. CWA Asset Management Group LLC now owns 11,626 shares of the shipping company’s stock valued at $621,000 after purchasing an additional 176 shares during the last quarter. Glenorchy Capital Ltd boosted its stake in Teekay Tankers by 0.5% in the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after purchasing an additional 198 shares in the last quarter. CWM LLC grew its holdings in shares of Teekay Tankers by 2.4% during the fourth quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after purchasing an additional 216 shares during the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Teekay Tankers by 12.7% during the fourth quarter. Global Retirement Partners LLC now owns 2,326 shares of the shipping company’s stock worth $124,000 after purchasing an additional 262 shares during the last quarter. Institutional investors own 52.67% of the company’s stock.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.