Teekay Tankers Ltd. (NYSE:TNK) to Issue $0.25 Quarterly Dividend

Teekay Tankers Ltd. (NYSE:TNK) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Monday, March 3rd will be given a dividend of 0.25 per share by the shipping company on Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Monday, March 3rd.

Teekay Tankers has a dividend payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Teekay Tankers to earn $7.13 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 14.0%.

Teekay Tankers Price Performance

NYSE:TNK traded down $0.27 during trading hours on Thursday, reaching $40.38. 933,740 shares of the company were exchanged, compared to its average volume of 512,074. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 3.32 and a beta of -0.43. The stock has a 50 day simple moving average of $41.15 and a 200 day simple moving average of $47.90. Teekay Tankers has a 52-week low of $36.04 and a 52-week high of $74.20.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Wednesday, February 19th. The shipping company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.01. The business had revenue of $163.42 million for the quarter, compared to analyst estimates of $158.26 million. Teekay Tankers had a return on equity of 24.27% and a net margin of 35.44%. On average, analysts predict that Teekay Tankers will post 10.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a research note on Thursday. Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Teekay Tankers Company Profile

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.