Teekay Tankers Ltd Down 6.70% To $54.06 After Earnings Miss

Teekay Tankers Ltd (TNK) said before open Thursday that it earned $2.91 per share in quarter four 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $313.3 million, beating estimates by $78.2 million.

In the same quarter a year ago, the company earned $4.33 per share on revenue of $367.3 million.

The stock is down 6.70% to $54.06 after the report.

Teekay Tankers Ltd’s profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Teekay Tankers Ltd a Bearish Sentiment Rank from InvestorsObserver.

Teekay Tankers Ltd has performed a little above average during the past few months. Before the report, Teekay Tankers Ltd received a Long-Term Technical Rank by InvestorsObserver of 74, putting it in the top half of stocks. The firm was recently trading at a 52-week high of $64.42 on February 1, 2024 and set a 52-week low on June 6, 2023 at $35.

Teekay Tankers Ltd is a provider of marine services to the global oil and natural gas industries and an operator of medium-sized oil tankers. The company operates in two segments: tanker and ship-to-ship transfer. The vast majority of its revenue comes from the tanker segment, which consists of crude oil and product tankers for different contracts.

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