Teekay Tankers stock saw an improvement in its IBD SmartSelect Composite Rating Friday, from 94 to 97. The oil transportation services stock sports a 99 Relative Strength Rating.
The new score tells you the company is now outperforming 97% of all stocks in terms of the most important fundamental and technical stock-picking criteria. The best stocks tend to have a 95 or better grade as they start a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Teekay Tankers stock has now climbed above a proper buy zone after breaking out from a 22.20 entry in a cup without handle, thus it's currently extended. It's not a good idea to chase an extended stock. Wait for a pullback for another buying opportunity. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
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One weak spot is the company's 78 EPS Rating, which tracks quarterly and annual earnings growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of A shows heavy buying by institutional investors, such as mutual funds and pension funds, over the last 13 weeks.
Teekay Tankers' Growth Ramps Up
In Q3, the firm posted 215% earnings-per-share growth. It has now posted accelerating EPS growth for two consecutive quarters. Sales growth increased 141%, up from 96% in the prior report. That marks two consecutive reports with increasing revenue gains.
Teekay Tankers stock holds the No. 9 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. Enlink Midstream, MPLX and Plains Group are among the top 5 highly-rated stocks within the group.
