Stock Alert: Teekay Tankers Surges 35%

(RTTNews) - Shares of oil and gas shipping company Teekay Tankers Ltd. (TNK) jumped $5.29 or 35.65% on Tuesday before closing at $20.13.

Lower crude oil prices are leading to lower costs for vessel owners.

As the oil prices rebounded partially yesterday, oil stocks were on the rise, still on the lower side.

Teekay had reported upbeat fourth-quarter results in February while remaining cautious about first quarter due to coronavirus impact.

We had alerted about this stock on February, 28 when it was trading at the level of $14.70. TNK has gained nearly 40% since then.