Teekay Tankers Ltd. (TNK) to Issue Quarterly Dividend of $0.25 on March 14th

Teekay Tankers Ltd. (NYSE:TNK) announced a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Shareholders of record on Monday, March 3rd will be paid 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 is Monday, March 3rd.

Teekay Tankers has a payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Teekay Tankers to earn $10.64 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 9.4%.

Teekay Tankers Stock Performance

Shares of NYSE:TNK opened at $40.38 on Friday. The company’s fifty day moving average is $41.20 and its 200-day moving average is $47.85. Teekay Tankers has a 52 week low of $36.04 and a 52 week high of $74.20. The company has a market capitalization of $1.39 billion, a PE ratio of 3.57 and a beta of -0.43.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, February 19th. The shipping company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.84%. The firm had revenue of $163.42 million for the quarter, compared to analyst estimates of $158.26 million. On average, analysts forecast that Teekay Tankers will post 7.13 EPS for the current year.

Analyst Upgrades and Downgrades

TNK has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday. Bank of America reaffirmed an “underperform” rating and issued a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Teekay Tankers presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

About Teekay Tankers

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.