Long Position on TNK @ $41.00 on 5/16/2023 (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, 2022, the company owned and leased 44 double-hulled oil and product tankers, time-chartered in four Aframax/LR2 tankers, and one Suezmax tanker.

On May 11th, TNK reported 1st Quarter March 2023 earnings of $5.13 per share on revenue of $394.7 million. The consensus earnings estimate was $3.65 per share on revenue of $243.6 million. Revenue grew 126.8% on a year-over-year basis. Following the report, shares have formed a bullish "flag" and higher share prices are expected.

Entry Point: $41.00

Stop Loss: $38.90

Trading Range: $14.90 to $48.05

Target Price: $45.20

Position closed on 5/25/2023 at price of $39.00 with a -4.88% loss in 9 days.

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