Teekay Tankers (NYSE:TNK) Downgraded to Hold Rating by Dnb Carnegie

Teekay Tankers (NYSE:TNK) was downgraded by investment analysts at Dnb Carnegie from a “strong-buy” rating to a “hold” rating in a research report issued on Friday,Zacks.com reports.

A number of other research firms have also recently commented on TNK. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Wall Street Zen cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. DNB Markets lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Jefferies Financial Group raised their target price on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Down 1.5%

TNK stock opened at $72.80 on Friday. Teekay Tankers has a 52-week low of $33.35 and a 52-week high of $74.70. The firm has a market cap of $2.51 billion, a P/E ratio of 7.21 and a beta of -0.27. The company’s 50-day simple moving average is $60.79 and its 200-day simple moving average is $56.05.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.09. The firm had revenue of $158.78 million during the quarter, compared to analyst estimates of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.Teekay Tankers’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 EPS. On average, analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vident Advisory LLC acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $718,000. EP Wealth Advisors LLC purchased a new stake in Teekay Tankers in the 4th quarter valued at $316,000. Empowered Funds LLC increased its stake in shares of Teekay Tankers by 5.4% in the 4th quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company’s stock worth $8,449,000 after acquiring an additional 8,066 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Teekay Tankers during the 4th quarter worth $1,199,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of Teekay Tankers during the 4th quarter valued at about $1,022,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.