Teekay Tankers Ltd. (TNK) Sets New 12-Month Low at $2.87
Teekay Tankers Ltd. (NYSE:TNK) shares hit a new 52-week low on Tuesday . The company traded as low as $2.87 and last traded at $2.92, with a volume of 1,358,864 shares traded. The stock had previously closed at $3.07.
A number of research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Teekay Tankers from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 21st. Seaport Global Securities assumed coverage on shares of Teekay Tankers in a research report on Wednesday, May 4th. They issued a “buy” rating and a $6.00 price objective for the company. Vetr cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 target price for the company. in a research note on Wednesday, June 8th. Bank of America Corp. cut shares of Teekay Tankers from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $3.00 to $3.57 in a research note on Friday, May 20th. Finally, DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, May 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.41.
The firm has a market capitalization of $467.04 million and a P/E ratio of 2.39. The stock’s 50 day moving average is $3.33 and its 200 day moving average is $4.09.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, May 19th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The business had revenue of $165 million for the quarter, compared to the consensus estimate of $150.94 million. During the same quarter in the prior year, the firm earned $0.34 earnings per share. The business’s revenue was up 53.5% compared to the same quarter last year. Equities analysts expect that Teekay Tankers Ltd. will post $1.18 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. WBI Investments Inc. purchased a new stake in Teekay Tankers during the fourth quarter valued at approximately $5,096,000. UBS Oconnor LLC boosted its stake in Teekay Tankers by 20.0% in the fourth quarter. UBS Oconnor LLC now owns 2,692,270 shares of the company’s stock valued at $18,523,000 after buying an additional 449,292 shares during the period. WCM Investment Management CA boosted its stake in Teekay Tankers by 29.3% in the fourth quarter. WCM Investment Management CA now owns 3,405,938 shares of the company’s stock valued at $23,433,000 after buying an additional 771,691 shares during the period. Wells Fargo & Company MN boosted its stake in Teekay Tankers by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,323,732 shares of the company’s stock valued at $9,107,000 after buying an additional 294,393 shares during the period. Finally, Oceanic Investment Management LTD boosted its stake in Teekay Tankers by 176.8% in the fourth quarter. Oceanic Investment Management LTD now owns 3,808,200 shares of the company’s stock valued at $26,200,000 after buying an additional 2,432,304 shares during the period.
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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