Long Position on TNK @ $30.25 on 10/17/2022 (Momentum)

Teekay Tankers Ltd. (TNK) provides marine transportation services to oil industries in Bermuda and internationally. 

The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

It also provides tanker commercial and technical management services.

As of December 31, 2021, the company owned and leased 48 double-hull oil tankers, time-chartered in two Aframax tankers, and one LR2 tanker. 

On August 4th, Teekay Tankers reported 2nd Quarter June 2022 earnings of $0.76 per share on revenue of $242.4 million. The consensus earnings estimate was $0.33 per share. Revenue grew 96.4% on a year-over-year basis. Shares have formed a double bottom formation and higher share prices are expected. Note the 50-day moving avrage. The next report is on November 3rd.

Entry Point: $30.25

Stop Loss: $28.50

Trading Range: $9.89 - $31.98

Target Price: $33.50

Position closed on 10/19/2022 at price of $33.55 with a 10.91% gain in 2 days.

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