Teekay Tankers (TNK) Gains As Market Dips: What You Should Know
Teekay Tankers (TNK) closed at $28.98 in the latest trading session, marking a +1.47% move from the prior day. This change outpaced the S&P 500's 0.07% loss on the day. Meanwhile, the Dow gained 0.31%, and the Nasdaq, a tech-heavy index, lost 3.22%.
Heading into today, shares of the oil and gas shipping company had lost 9.42% over the past month, lagging the Transportation sector's gain of 4.98% and the S&P 500's gain of 4.64% in that time.
Teekay Tankers will be looking to display strength as it nears its next earnings release. In that report, analysts expect Teekay Tankers to post earnings of $5.12 per share. This would mark year-over-year growth of 791.89%. Meanwhile, our latest consensus estimate is calling for revenue of $201.99 million, up 213.93% from the prior-year quarter.
Any recent changes to analyst estimates for Teekay Tankers should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.02% higher. Teekay Tankers is currently a Zacks Rank #1 (Strong Buy).
Digging into valuation, Teekay Tankers currently has a Forward P/E ratio of 2.06. This valuation marks a discount compared to its industry's average Forward P/E of 4.98.
Also, we should mention that TNK has a PEG ratio of 0.69. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Transportation - Shipping stocks are, on average, holding a PEG ratio of 0.69 based on yesterday's closing prices.
The Transportation - Shipping industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Teekay Tankers Ltd. (TNK) : Free Stock Analysis Report