Teekay Tankers had its Relative Strength (RS) Rating upgraded from 68 to 73 Friday — a welcome improvement, but still below the 80 or better score you look for.
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This unique rating measures market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matched up against all other stocks.
Over 100 years of market history shows that the best stocks tend to have an RS Rating of above 80 as they begin their largest price moves. See if Teekay Tankers can continue to show renewed price strength and clear that threshold.
Teekay Tankers has climbed more than 5% past a 47.99 entry in a first-stage flat base, meaning it's now out of a proper buy zone. Look for the stock to create a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Although earnings and sales growth came in at -55% and -29%, respectively, in the latest report, that marked acceleration for both EPS and revenue. Teekay Tankers is expected to report its next quarterly numbers on or around Oct. 30.
The company holds the No. 5 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. DT Midstream is the top-ranked stock within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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