Teekay Tankers Correlations
| TNK Stock | USD 72.23 1.73 2.45% |
The correlation of Teekay Tankers is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Teekay Tankers moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Teekay Tankers moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Modest diversification
The correlation between Teekay Tankers and NYA is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Teekay Tankers and NYA in the same portfolio, assuming nothing else is changed.
Teekay |
The ability to find closely correlated positions to Teekay Tankers could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Teekay Tankers when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Teekay Tankers - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Teekay Tankers to buy it.
Moving together with Teekay Stock
| 0.88 | AM | Antero Midstream Partners | PairCorr |
| 0.75 | EE | Excelerate Energy | PairCorr |
| 0.66 | ET | Energy Transfer LP | PairCorr |
| 0.72 | TK | Teekay | PairCorr |
| 0.79 | DLNG | Dynagas LNG Partners Financial Report 18th of June 2024 | PairCorr |
| 0.82 | ETRN | Equitrans Midstream Corp | PairCorr |
| 0.87 | EURN | Euronav NV | PairCorr |
| 0.65 | IMPPP | Imperial Petroleum | PairCorr |
| 0.96 | FLNG | FLEX LNG | PairCorr |
| 0.96 | DHT | DHT Holdings | PairCorr |
| 0.84 | DTM | DT Midstream | PairCorr |
| 0.72 | ENB | Enbridge | PairCorr |
| 0.97 | FRO | Frontline | PairCorr |
| 0.75 | GEL | Genesis Energy LP | PairCorr |
Moving against Teekay Stock
| 0.72 | NGL | NGL Energy Partners Earnings Call Tomorrow | PairCorr |
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Teekay Stock performing well and Teekay Tankers Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Teekay Tankers' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| STNG | 1.25 | 0.27 | 0.17 | 0.39 | 1.36 | 3.16 | 6.62 | |||
| DHT | 1.15 | 0.12 | 0.09 | 0.42 | 1.16 | 3.31 | 7.26 | |||
| EURN | 1.46 | 0.27 | 0.11 | 0.32 | 1.96 | 3.36 | 12.24 | |||
| TNP | 1.34 | 0.40 | 0.28 | 0.59 | 1.14 | 3.11 | 8.09 | |||
| TK | 2.24 | 0.55 | 0.10 | 1.03 | 4.33 | 3.34 | 34.92 |
Teekay Tankers Corporate Executives
Elected by the shareholders, the Teekay Tankers' board of directors comprises two types of representatives: Teekay Tankers inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Teekay. The board's role is to monitor Teekay Tankers' management team and ensure that shareholders' interests are well served. Teekay Tankers' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Teekay Tankers' outside directors are responsible for providing unbiased perspectives on the board's policies.
| Stewart Andrade | Chief Financial Officer | Profile |
Additional Information and Resources on Investing in Teekay Stock
When determining whether Teekay Tankers is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Teekay Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Teekay Tankers Stock. Highlighted below are key reports to facilitate an investment decision about Teekay Tankers Stock:Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Teekay Tankers. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. For more information on how to buy Teekay Stock please use our How to buy in Teekay Stock guide.You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Is Oil & Gas Storage & Transportation space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Teekay Tankers. If investors know Teekay will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Teekay Tankers listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.15) | Dividend Share 1 | Earnings Share 14.14 | Revenue Per Share 38.247 | Quarterly Revenue Growth (0.14) |
The market value of Teekay Tankers is measured differently than its book value, which is the value of Teekay that is recorded on the company's balance sheet. Investors also form their own opinion of Teekay Tankers' value that differs from its market value or its book value, called intrinsic value, which is Teekay Tankers' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Teekay Tankers' market value can be influenced by many factors that don't directly affect Teekay Tankers' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Teekay Tankers' value and its price as these two are different measures arrived at by different means. Investors typically determine if Teekay Tankers is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Teekay Tankers' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.