Oil and gas companies have had a good year. Among the big winners is Teekay Tankers, one of the largest ocean transport companies. On Wednesday, the Relative Strength (RS) Rating for Teekay stock rose to an outstanding 92, up from 89 the day before.
The upgraded 92 Relative Strength Rating is an outstanding rating. Market research has found that the biggest stock winners often have an RS Rating north of 80 in the early stages of their moves.
Teekay Stock Boasts Near-Best Composite Rating
Among its other ratings Teekay stock has a near-best 98 Composite Rating out of 99. Also, an A SMR Rating (sales + profit margins + return on equity) and an 83 Earnings Per Share Rating. It has a C Accumulation/Distribution Rating on an A+ to E scale. The C rating indicates that big funds are buying about as many shares of Teekay stock as selling.
The market for petroleum products could continue strong as the Ukraine war drags on, keeping supplies from Eastern Europe limited. Also, the OPEC+ cartel is sticking with a production cutback meant to keep prices elevated.
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As its name implies, Teekay provides global oil transport via 43 tankers.
Bermuda-based Teekay Tankers has been going gangbusters since early 2022. Earnings grew 476% last quarter to $4.38 per share. The prior three stanzas its EPS rose 215%, 685% and over 1,000%. Revenue growth has been robust too. This past year its quarterly sales rose 141%, 129%, 127% and 53% last quarter to $379.7 million.
In less than two years Teekay stock has shot up about 282%, from a 9.89 low on Jan. 28, 2022 to a 37.74 close Wednesday. It should be noted that it was down 3.8% Wednesday amid a sector sell-off. Teekay stock is building a consolidation with a 48.05 entry. See if it can break out in heavy volume. It's a later-stage pattern, and investors should be aware that those can succeed but are less likely to launch sustained new climbs.
Among Top 5 In Group
Teekay stock earns the No. 4 rank among its peers in the 49-stock Oil & Gas-Transportation/Pipeline industry group. Frontline, International Seaways and Dorian LPG are also in the top five.
When looking for the best stocks to buy and watch, keep a close on eye on relative price strength. IBD's proprietary rating tracks price movement with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks holds up against all the other stocks in our database.
