In the latest trading session, Teekay Tankers (TNK) closed at $61.42, marking a +1.1% move from the previous day. This move outpaced the S&P 500's daily loss of 0.53%. At the same time, the Dow lost 0.09%, and the tech-heavy Nasdaq lost 1%.
Shares of the oil and gas shipping company witnessed a gain of 13.26% over the previous month, beating the performance of the Transportation sector with its gain of 0.74%, and the S&P 500's gain of 2.06%.
Market participants will be closely following the financial results of Teekay Tankers in its upcoming release. The company's earnings per share (EPS) are projected to be $1.96, reflecting a 30.67% increase from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $6.1 per share and revenue of $0 million. These totals would mark changes of -40.83% and 0%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Teekay Tankers. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. As of now, Teekay Tankers holds a Zacks Rank of #3 (Hold).
In terms of valuation, Teekay Tankers is currently trading at a Forward P/E ratio of 12.03. This expresses no noticeable deviation compared to the average Forward P/E of 12.03 of its industry.
The Transportation - Shipping industry is part of the Transportation sector. Currently, this industry holds a Zacks Industry Rank of 102, positioning it in the top 42% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Teekay Tankers Ltd. (TNK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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