Teekay Tankers Ltd. (TNK) Stock Rating Upgraded by Zacks Investment Research
Teekay Tankers Ltd. (NYSE:TNK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
A number of other equities research analysts have also issued reports on TNK. Vetr lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 price target on the stock. in a report on Wednesday, June 8th. Morgan Stanley set a $3.60 price target on shares of Teekay Tankers and gave the company a “hold” rating in a report on Friday, August 5th. Finally, Danske restated a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Teekay Tankers presently has an average rating of “Hold” and an average target price of $7.00.
Teekay Tankers (NYSE:TNK) opened at 2.47 on Wednesday. Teekay Tankers has a one year low of $2.47 and a one year high of $8.53. The firm has a 50-day moving average of $2.73 and a 200-day moving average of $3.31. The firm has a market cap of $386.06 million, a price-to-earnings ratio of 2.42 and a beta of 2.42.
Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The business had revenue of $139.62 million for the quarter, compared to analyst estimates of $131.06 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. The firm’s revenue was up 25.4% compared to the same quarter last year. Analysts anticipate that Teekay Tankers will post $0.81 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. PEAK6 Investments L.P. raised its position in shares of Teekay Tankers by 255.7% in the second quarter. PEAK6 Investments L.P. now owns 34,419 shares of the company’s stock valued at $103,000 after buying an additional 24,742 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Teekay Tankers during the second quarter valued at approximately $105,000. BlackRock Advisors LLC raised its position in shares of Teekay Tankers by 29.4% in the second quarter. BlackRock Advisors LLC now owns 38,589 shares of the company’s stock valued at $115,000 after buying an additional 8,767 shares during the period. Bank of Montreal Can acquired a new position in shares of Teekay Tankers during the second quarter valued at approximately $117,000. Finally, Panagora Asset Management Inc. acquired a new position in shares of Teekay Tankers during the second quarter valued at approximately $154,000. Institutional investors own 52.62% of the company’s stock.
Teekay Tankers Company Profile
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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