Teekay Tankers Ltd. (NYSE:TNK) Soaring On the Back of Confidence in Shipping
Northern, WI 06/13/2013 (GDPInsider) – Teekay Tankers Ltd. (NYSE:TNK) has seen a slight uptrend in today’s trading after opening at 2.62, a modest 0.02 cents above its previous close of 2.60. TNK’s rally has come with volume of 233,173, and a range of 2.6199 and 2.78. The stock is up 6.92% and the rally looks set to push TNK past the target price of 2.73 set by analysts.
TNK has had an interesting last few months following on from the sluggish activity in the shipping industry. Many analysts had sounded the death knell for shipping and oil tanker stocks but TNK has continued to thread water as it seeks a way to once again establish itself as a leader in the industry.
On May 8, 2013 the company announced a cash dividend of $0.03 per share for the quarter ended March 31, 2013.
The dividend was perhaps a clear reminder to investors not to underestimate the shipping company who currently owns a fleet of 31 double-hull vessels, including 11 Aframax tankers, 10 Suezmax tankers, seven Long Range 2 (LR2) product tankers (including four committed newbuildings), three Medium-Range (MR) product tankers and has two time-chartered in Aframax tankers, which vessels an affiliate of Teekay Corporation (TK) manages through a mix of short- or medium-term fixed-rate time-charter contracts and spot tanker market trading.
TNK also owns a VLCC new building through a 50 percent-owned joint venture, which is scheduled to deliver in the second quarter of 2013.
Investors will nonetheless need to keep watch on TNK who reported a first quarter 2013 adjusted net loss attributable to shareholders of $3.5 million, or $0.04 per share.
TNK has a RSI of 52.86 which is pretty good as it is smack dead in neutral territory. The stocks technical chart shows a southward slope which began late May, however, recent market valuation has pushed its price slightly up. At present market valuation TNK is up on its SMA50 of 2.64.
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