Long Position on TNK @ $40.00 on 4/13/2023 (Fundamentals)

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 February 23rd, TNK reported Quarter December 2022 earnings of $4.33 per share on revenue of $367.3 million. The consensus earnings estimate was $3.51 per share on revenue of $202.0 million. Revenue grew 129.1% on a year-over-year basis. Note the 50-day moving average and the bullish "trendline support".

Entry Point: $40.00

Stop Loss: $38.00

Trading Range: $14.24 to $48.05

Target Price: $44.00

Position closed on 4/18/2023 at price of $44.55 with a 11.38% gain in 5 days.

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