Teekay Tankers Ltd. (TNK) Shares Up 7.9%
Teekay Tankers Ltd. (NYSE:TNK)’s share price shot up 7.9% during trading on Tuesday . The company traded as high as $3.17 and last traded at $3.14, with a volume of 1,227,328 shares traded. The stock had previously closed at $2.91.
A number of research firms have recently commented on TNK. Clarkson Capital restated a “buy” rating and issued a $12.00 price objective on shares of Teekay Tankers in a report on Thursday, May 19th. JPMorgan Chase & Co. upgraded Teekay Tankers from an “underweight” rating to a “neutral” rating and dropped their target price for the company from $7.00 to $5.00 in a report on Thursday, April 7th. Seaport Global Securities assumed coverage on Teekay Tankers in a report on Wednesday, May 4th. They set a “buy” rating and a $6.00 target price on the stock. Bank of America Corp. downgraded Teekay Tankers from a “neutral” rating to an “underperform” rating and raised their target price for the company from $3.00 to $3.57 in a report on Friday, May 20th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Teekay Tankers in a report on Tuesday, April 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $7.41.
The firm’s 50 day moving average price is $3.26 and its 200 day moving average price is $3.97. The firm has a market capitalization of $498.27 million and a PE ratio of 2.55.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, May 19th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by $0.08. The business earned $165 million during the quarter, compared to the consensus estimate of $150.94 million. Teekay Tankers’s revenue was up 53.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.34 earnings per share. Equities research analysts forecast that Teekay Tankers Ltd. will post $1.14 earnings per share for the current year.
Other hedge funds recently made changes to their positions in the company. California State Teachers Retirement System boosted its stake in shares of Teekay Tankers by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 176,185 shares of the company’s stock worth $1,212,000 after buying an additional 3,121 shares in the last quarter. WBI Investments Inc. bought a new stake in shares of Teekay Tankers during the fourth quarter worth $5,096,000. Wells Fargo & Company MN boosted its stake in shares of Teekay Tankers by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,323,732 shares of the company’s stock worth $9,107,000 after buying an additional 294,393 shares in the last quarter. UBS Oconnor LLC boosted its stake in shares of Teekay Tankers by 20.0% in the fourth quarter. UBS Oconnor LLC now owns 2,692,270 shares of the company’s stock worth $18,523,000 after buying an additional 449,292 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Teekay Tankers by 100.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,756,624 shares of the company’s stock worth $18,966,000 after buying an additional 1,384,674 shares in the last quarter.
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers. The Company’s chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers.
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