Teekay Tankers Ltd. (TNK) Sets New 12-Month Low at $2.78
Teekay Tankers Ltd. (NYSE:TNK)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.78 and last traded at $2.79, with a volume of 984,657 shares trading hands. The stock had previously closed at $2.84.
Several equities analysts recently issued reports on the company. Zacks Investment Research cut 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 Teekay Tankers in a report on Wednesday, May 4th. They set a “buy” rating and a $6.00 price target on the stock. Vetr cut 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. Bank of America Corp. cut Teekay Tankers from a “neutral” rating to an “underperform” rating and increased their price target for the company from $3.00 to $3.57 in a report on Friday, May 20th. Finally, DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, May 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. Teekay Tankers presently has a consensus rating of “Hold” and an average target price of $7.41.
The stock has a 50 day moving average price of $3.08 and a 200 day moving average price of $3.69. The firm has a market capitalization of $435.80 million and a price-to-earnings ratio of 2.23.
Teekay Tankers (NYSE:TNK) last released its quarterly earnings results 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 analyst estimates of $150.94 million. During the same quarter in the prior year, the company earned $0.34 earnings per share. The company’s revenue was up 53.5% on a year-over-year basis. Equities research analysts expect that Teekay Tankers Ltd. will post $0.98 earnings per share for the current fiscal year.
Other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in Teekay Tankers by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 176,185 shares of the company’s stock valued at $1,212,000 after buying an additional 3,121 shares in the last quarter. Wells Fargo & Company MN raised its position 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 in the last quarter. UBS Oconnor LLC raised its position 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 in the last quarter. Finally, WBI Investments Inc. purchased a new position in Teekay Tankers during the fourth quarter valued at about $5,096,000.
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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