Teekay Tankers: Looking For A Positive Outlook In 2023

Summary

• Teekay Tankers announced a total adjusted net income of $57.91 million, or $1.70 per share, during the third quarter.
• In short, the 2023 tankers market looks good for TNK, but most of the positive has already been factored into the stock price.
• I recommend taking profits between $35.3 and $36.5 and start to accumulate again between $29.5 and $31 with potential lower support at $26.5.

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Introduction

The Bermuda-based Teekay Tankers Ltd. (NYSE:TNK) released its third-quarter 2022 results on November 3, 2022.

Important note: This article is an update of my article published on July 5, 2022. I have been following TNK on Seeking Alpha since

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I trade short-term TNK occasionally.