Teekay Tankers (TNK) to Post Q3 Earnings: What's in Store?
Teekay Tankers TNK is scheduled to release third-quarter 2023 earnings on Nov 2, before market open.
TNK has an impressive earnings record, with its bottom line delivering a surprise in three of the last four quarters (missing once). The average beat is 14.86%.
Teekay Tankers Ltd. Price and EPS Surprise
Teekay Tankers Ltd. price-eps-surprise | Teekay Tankers Ltd. Quote
The Zacks Consensus Estimate for third-quarter earnings per share has remained stable at $2.43 over the past 60 days.
Against this backdrop, let’s delve into the factors that might have impacted Teekay Tankers’ September-quarter performance.
The company’s performance is expected to have been affected by supply-chain disruptions. High operating expenses due to the increased average number of vessels in its fleet are likely to have hurt the bottom line. Steep fuel costs are likely to have flared up total expenses.
However, favorable tanker rates are expected to have aided the top-line performance. Moreover, with the normalization of economic activities, world trade gained pace, which should aid third-quarter results of shipping stocks like Teekay Tankers. This is because the shipping industry is responsible for transporting several goods involved in world trade.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Teekay Tankers this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Earnings ESP: Teekay Tankers has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Teekay Tankers currently sports a Zacks Rank of 1.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider as our model shows that these have the right combination of elements to beat on their third-quarter 2023 earnings.
Golar LNG Limited GLNG has an Earnings ESP of +18.00% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
GLNG is scheduled to release third-quarter 2023 results on Nov 21. Golar LNG's efforts to reward its shareholders through share buybacks look encouraging.
Copa Holdings, S.A. CPA has an Earnings ESP of +4.60% and a Zacks Rank #3. CPA is set to post third-quarter 2023 numbers on Nov 15.
Upbeat air-travel demand has been aiding Copa Holdings' revenues. High fuel costs are, however, likely to have hurt the bottom line.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Copa Holdings, S.A. (CPA) : Free Stock Analysis Report
Teekay Tankers Ltd. (TNK) : Free Stock Analysis Report
Golar LNG Limited (GLNG) : Free Stock Analysis Report
