Teekay Tankers Ltd. (NYSE:TNK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.
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 brokerages have also recently issued reports on TNK. Danske reissued a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Morgan Stanley reissued an “equal weight” rating and issued a $2.50 target price (down previously from $3.60) on shares of Teekay Tankers in a report on Friday, August 26th. Finally, Vetr cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 target price on the stock. in a report on Wednesday, June 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $7.00.
Teekay Tankers (NYSE:TNK) opened at 2.53 on Wednesday. The stock has a market capitalization of $395.44 million, a price-to-earnings ratio of 2.48 and a beta of 2.42. The company has a 50-day moving average price of $2.71 and a 200-day moving average price of $3.30. Teekay Tankers has a 12-month low of $2.45 and a 12-month high of $8.53.
Teekay Tankers (NYSE:TNK) last issued its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The firm had revenue of $139.62 million for the quarter, compared to analysts’ expectations of $131.06 million. During the same quarter last year, the company posted $0.35 earnings per share. Teekay Tankers’s revenue was up 25.4% on a year-over-year basis. On average, equities research analysts forecast that Teekay Tankers will post $0.81 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. raised its position in Teekay Tankers by 85.5% in the first quarter. Prudential Financial Inc. now owns 287,693 shares of the company’s stock worth $1,056,000 after buying an additional 132,600 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Teekay Tankers by 7.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 952,638 shares of the company’s stock valued at $3,496,000 after buying an additional 69,203 shares during the period. Columbia Partners L L C Investment Management raised its position in Teekay Tankers by 150.5% in the first quarter. Columbia Partners L L C Investment Management now owns 815,739 shares of the company’s stock valued at $2,993,000 after buying an additional 490,103 shares during the period. State Street Corp raised its position in Teekay Tankers by 4.3% in the first quarter. State Street Corp now owns 1,401,033 shares of the company’s stock valued at $5,145,000 after buying an additional 57,623 shares during the period. Finally, UBS Group AG raised its position in Teekay Tankers by 32.4% in the first quarter. UBS Group AG now owns 707,125 shares of the company’s stock valued at $2,595,000 after buying an additional 172,989 shares during the period. Institutional investors and hedge funds own 52.62% 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 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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