Teekay Tankers announces dividend following Q4 results

HAMILTON, Bermuda - Teekay Tankers Ltd . (NYSE:TNK), an international provider of marine transportation to the oil industry, has declared a quarterly cash dividend of $0.25 per share for the fourth quarter of 2024, payable on March 14, 2025, to shareholders of record as of March 3, 2025. The company currently offers an attractive dividend yield of 7.33%, reflecting its strong financial position. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value assessment. This announcement comes alongside the company’s report of its financial results for the quarter and year ended December 31, 2024.

Teekay Tankers operates a sizeable fleet consisting of 39 double-hull tankers, which includes 23 Suezmax and 16 Aframax/LR2 tankers. The company’s business model involves a combination of spot market trading and fixed-rate time charter contracts of varying durations. Additionally, Teekay Tankers has a stake in a joint venture that owns a Very Large Crude Carrier (VLCC). With an impressive current ratio of 6.8 and minimal debt-to-equity ratio of 0.03, InvestingPro data shows the company maintains strong financial health with an overall score of "GREAT."

The company also provides marine services to the Australian Government and energy companies in Australia, managing and operating their vessels. Moreover, Teekay Tankers owns a ship-to-ship transfer business offering full-service lightering and support operations in the U.S. Gulf and Caribbean.

Established in December 2007 by Teekay (NYSE:TK) Corporation Ltd., Teekay Tankers has been publicly traded on the New York Stock Exchange since its formation, under the ticker symbol TNK.

The full earnings release and Teekay Group’s earnings presentation are available on the company’s website, as stated in the press release. The declaration of the dividend reflects the company’s financial performance and position at the end of the 2024 fiscal year. Trading at a P/E ratio of just 3.27, the company shows strong value characteristics. Investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research report.

This news article is based on a press release statement from Teekay Tankers Ltd.

In other recent news, the U.S. government has blacklisted China’s Cosco Shipping Holdings Co. and two shipbuilders due to alleged ties with the People’s Liberation Army. This development has led to a significant increase in the stocks of several American shipping companies. DHT Holdings (NYSE:DHT) saw a 7.3% rise, followed by Scorpio Tankers (NYSE:STNG) at 7%, Teekay Tankers Ltd up 6.2%, International Seaways (NYSE:INSW) climbing 6.4%, and Nordic American Tanker (NYSE:NAT) with a 4.5% increase. The blacklist, which does not impose specific penalties, is part of a broader U.S. strategy to address concerns over China’s influence in the maritime sector.

Analyst Kenneth Lohwrites from Bloomberg Intelligence noted that while the blacklist might discourage U.S. firms from dealing directly with Cosco, it is unlikely to severely impact trade flows between the U.S. and China. The rise in U.S. shipping stocks reflects investor optimism about the potential for American companies to capitalize on any market gaps. This move aligns with ongoing U.S. scrutiny of Chinese firms with military connections, including previous actions against Cosco and Cnooc (HK:0883) Ltd. The announcement led to a 4.4% drop in Cosco’s shares in Hong Kong.

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