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Why the Market Dipped But Teekay Tankers (TNK) Gained Today

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Teekay Tankers (TNK - Free Report) closed the most recent trading day at $54.50, moving +2.56% from the previous trading session. This change outpaced the S&P 500's 0.55% loss on the day. Elsewhere, the Dow saw a downswing of 0.19%, while the tech-heavy Nasdaq depreciated by 0.95%.

The oil and gas shipping company's stock has climbed by 11.57% in the past month, exceeding the Transportation sector's loss of 2.32% and the S&P 500's gain of 3.64%.

The investment community will be paying close attention to the earnings performance of Teekay Tankers in its upcoming release. On that day, Teekay Tankers is projected to report earnings of $1.1 per share, which would represent a year-over-year decline of 39.89%. In the meantime, our current consensus estimate forecasts the revenue to be $132.3 million, indicating a 11.38% decline compared to the corresponding quarter of the prior year.

TNK's full-year Zacks Consensus Estimates are calling for earnings of $5.61 per share and revenue of $600.77 million. These results would represent year-over-year changes of -45.59% and -17.82%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Teekay Tankers. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Teekay Tankers is holding a Zacks Rank of #3 (Hold) right now.

Digging into valuation, Teekay Tankers currently has a Forward P/E ratio of 9.48. This valuation marks a discount compared to its industry average Forward P/E of 11.22.

The Transportation - Shipping industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 61, finds itself in the top 25% echelons 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.


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