In the latest trading session, Teekay Tankers (TNK) closed at $63.33, marking a +2.29% move from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.01%. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 0.17%.
Shares of the oil and gas shipping company witnessed a gain of 16.44% over the previous month, beating the performance of the Transportation sector with its gain of 1.2%, and the S&P 500's gain of 0.78%.
The investment community will be closely monitoring the performance of Teekay Tankers in its forthcoming earnings report. On that day, Teekay Tankers is projected to report earnings of $2.71 per share, which would represent year-over-year growth of 80.67%.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.85 per share and a revenue of $0 million, indicating changes of -33.56% and 0%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Teekay Tankers. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.9% higher within the past month. Teekay Tankers is currently a Zacks Rank #1 (Strong Buy).
In the context of valuation, Teekay Tankers is at present trading with a Forward P/E ratio of 11.15. For comparison, its industry has an average Forward P/E of 11.15, which means Teekay Tankers is trading at no noticeable deviation to the group.
The Transportation - Shipping industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 80, placing it within the top 33% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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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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