Teekay Tankers: Rises on Q1 beat, minimal impact from COVID-19

Teekay Tankers

21/05/2020 12:07

** Shares of crude oil tanker operator  TNK.N  climb 4.3% to
$16.74 premarket
    ** Co reports Q1 adj. EPS of $3.27, above Street est of
$2.89/shr - Refinitiv IBES data  urn:newsml:reuters.com:*:nL8N2D3170
    ** Posts 44% rise in Q1 rev to $341.9 mln, also above Street
est of $276.2 mln
    ** Says has completed ~$60 mln of vessel sales in Q1,
reducing net debt by ~$200 mln and increasing liquidity to ~$368
mln 
    ** TNK says it has secured strong Q2 to-date spot tanker
rates of $52,100/day for its Suezmax fleet and $33,600/day for
its Aframax-sized fleet
    ** CEO Kevin Mackay says TNK had minimal impacts on its
operations due to the COVID-19 pandemic 
    ** Current average rating of 7 analysts on the stock is
"buy"; their median PT is $29
    ** TNK down ~33% YTD
    

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))