Teekay Tankers (TNK) Downgraded to Hold at ValuEngine
Teekay Tankers (NYSE:TNK) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
Other equities analysts also recently issued research reports about the stock. Wells Fargo & Co reiterated a “buy” rating on shares of Teekay Tankers in a report on Thursday, August 23rd. Jefferies Financial Group initiated coverage on shares of Teekay Tankers in a report on Monday, October 1st. They issued a “hold” rating and a $1.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $1.46.
Shares of Teekay Tankers stock opened at $1.02 on Wednesday. The company has a market capitalization of $308.84 million, a P/E ratio of -9.27 and a beta of 1.47. The company has a quick ratio of 0.70, a current ratio of 0.99 and a debt-to-equity ratio of 1.05. Teekay Tankers has a 52 week low of $0.94 and a 52 week high of $1.95.
A number of large investors have recently modified their holdings of TNK. Panagora Asset Management Inc. acquired a new position in Teekay Tankers in the 3rd quarter worth approximately $134,000. Wells Fargo & Company MN increased its holdings in Teekay Tankers by 41.4% in the 1st quarter. Wells Fargo & Company MN now owns 344,134 shares of the shipping company’s stock worth $409,000 after buying an additional 100,748 shares during the period. JPMorgan Chase & Co. increased its holdings in Teekay Tankers by 20.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 556,705 shares of the shipping company’s stock worth $550,000 after buying an additional 95,879 shares during the period. Millennium Management LLC acquired a new position in Teekay Tankers in the 2nd quarter worth approximately $583,000. Finally, Morgan Stanley increased its holdings in Teekay Tankers by 33.7% in the 3rd quarter. Morgan Stanley now owns 945,872 shares of the shipping company’s stock worth $935,000 after buying an additional 238,177 shares during the period. Institutional investors own 27.56% of the company’s stock.
About Teekay Tankers
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company operates through two segments, Conventional Tanker and Ship-To-Ship Transfer. It is involved in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers.
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To view ValuEngine’s full report, visit ValuEngine’s official website.
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