Zacks Investment Research Lowers Teekay Tankers Ltd. (NYSE:TNK) to Hold
Zacks Investment Research downgraded shares of Teekay Tankers Ltd. (NYSE:TNK) from a buy rating to a hold rating in a report published on Tuesday.
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 research analysts have also issued reports on TNK. ValuEngine lowered shares of Teekay Tankers from a buy rating to a hold rating in a research report on Friday, June 2nd. UBS AG restated a sell rating and set a $1.50 target price (down previously from $2.00) on shares of Teekay Tankers in a research report on Friday, June 9th. BidaskClub lowered shares of Teekay Tankers from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. Bank of America Corporation restated an underperform rating and set a $1.80 target price (down previously from $2.25) on shares of Teekay Tankers in a research report on Wednesday, May 17th. Finally, TheStreet lowered shares of Teekay Tankers from a c rating to a d+ rating in a research report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $2.31.
Shares of Teekay Tankers (TNK) traded down 2.42% during midday trading on Tuesday, hitting $1.61. The stock had a trading volume of 845,922 shares. The company’s 50 day moving average price is $1.75 and its 200-day moving average price is $2.05. Teekay Tankers has a 1-year low of $1.61 and a 1-year high of $3.09. The firm has a market capitalization of $266.29 million, a PE ratio of 9.53 and a beta of 2.24.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.04). Teekay Tankers had a negative net margin of 7.38% and a positive return on equity of 0.39%. The business had revenue of $89.40 million for the quarter, compared to analyst estimates of $80.68 million. During the same quarter in the prior year, the business earned $0.20 EPS. Teekay Tankers’s quarterly revenue was down 36.0% on a year-over-year basis. Equities analysts predict that Teekay Tankers will post ($0.03) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 14th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, August 10th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 7.27%. Teekay Tankers’s payout ratio is presently -63.16%.
Several hedge funds have recently bought and sold shares of TNK. Russell Investments Group Ltd. purchased a new stake in Teekay Tankers during the fourth quarter valued at about $363,000. Gotham Asset Management LLC raised its stake in Teekay Tankers by 9.7% in the first quarter. Gotham Asset Management LLC now owns 143,642 shares of the shipping company’s stock valued at $294,000 after buying an additional 12,721 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Teekay Tankers during the fourth quarter valued at about $476,000. TFS Capital LLC raised its stake in Teekay Tankers by 21.4% in the first quarter. TFS Capital LLC now owns 125,293 shares of the shipping company’s stock valued at $257,000 after buying an additional 22,054 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in Teekay Tankers by 136.6% in the first quarter. Thrivent Financial For Lutherans now owns 894,382 shares of the shipping company’s stock valued at $1,834,000 after buying an additional 516,410 shares in the last quarter. Institutional investors and hedge funds own 41.50% of the company’s stock.
About Teekay Tankers
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 has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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