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Monday, September 21, 2020

Teekay Tankers Ltd. (NYSE:TNK) on the Path to Profitability

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The Teekay Tankers Ltd. (TNK) shares are trading at higher $14.50 and the avg recommendation for the stock is Strong Buy. while the current analyst price target stands at $24.86.

To add more color to this target, the company’s high over the last year is $26.92 and the low is $7.68. Over the last 52 weeks, TNK is down -46.14% while the S&P 500 is down -0.64%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, TNK reported a profit of $162.13 million. Teekay Tankers Ltd. also saw revenues increase to $341.9 million. In addition, TNK has free cash flow of $137.84 million as of 03-2020. The company’s EBITDA came in at $149.76 million which compares well with its peers.

TNK booked profit margins of 12.90%, its Return on Equity (ROE) is 13.70%, and its Return on Assets is 6.20%. All told, it is clear that, TNK needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. TNK has a short ratio of 1.79 and outstanding shares of 33.67M.

Company Outlook

TNK has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.93 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 3.98. Teekay Tankers Ltd. TNK also noted assets of $2.22 billion at the end of the last quarter. Investors should also keep an eye on sector updates as TNK has historically followed its peers on positive news.

All told, Teekay Tankers Ltd. TNK has strung together solid data and demonstrated underlying fundamentals. At its current valuation, TNK represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Teekay Tankers Ltd. TNK is now commanding a market cap of 461.68M and a float of 23.93M. TNK is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of TNK stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in TNK, either long or short, and we have not been compensated for this article.

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