Overview

* Teekay Tankers ( TNK ) Q3 GAAP net income at $92.1 mln, driven by vessel sales gains

* EPS for Q3 at $2.66, reflecting strong spot tanker rates

* Company continues fleet renewal with Suezmax and Aframax tanker acquisitions

Outlook

* Teekay Tankers ( TNK ) sees strong tanker market in Q4 due to increased trade volumes

* Company expects geopolitical factors to impact tanker market outlook

* Teekay Tankers ( TNK ) anticipates firm winter market due to sanctions and low inventories

Result Drivers

* VESSEL SALES - Gains from the sales of vessels contributed significantly to net income in Q3

* SPOT TANKER RATES - Strong spot tanker rates boosted EPS in Q3

* FLEET RENEWAL - Continued fleet renewal with acquisitions of Suezmax and Aframax tankers

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $2.66

Q3 Net $92.08

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas transportation services peer group is "buy"

* Wall Street's median 12-month price target for Teekay Tankers Ltd ( TNK ) is $55.00, about 8.6% below its October 28 closing price of $59.71

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 6 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)