Benzinga | Aug 13, 2020 07:27AM EDT

Teekay Tankers: Q2 Earnings Insights

Shares of Teekay Tankers (NYSE:TNK) moved higher by 4% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 4880.00% year over year to $2.39, which missed the estimate of $2.56.

Revenue of $184,934,000 rose by 68.72% year over year, which missed the estimate of $250,470,000.

Guidance

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Conference Call Details

Date: Aug 13, 2020

Time: 12:00 PM

ET Webcast URL: https://globalmeet.webcasts.com/starthere.jsp?ei=1346898&tp_key=0939f815d1

Recent Stock Performance

Company's 52-week high was at $26.92

52-week low: $0.96

Price action over last quarter: down 1.88%

Company Description

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. Its business is to own oil tankers and it employs a chartering strategy that seeks to capture upside opportunities in the tanker spot market while using fixed-rate time charters to reduce downside risks. The company has two segments tanker and ship-to-ship transfer. Its tanker segment consists of the operation of all of its tankers and generates the majority of the company's revenue.