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. “
Other research analysts have also issued research reports about the company. Vetr lowered Teekay Tankers from a strong-buy rating to a buy rating and set a $3.94 target price for the company. in a research report on Wednesday, June 8th. Morgan Stanley restated an equal weight rating and issued a $2.50 price target (down previously from $3.60) on shares of Teekay Tankers in a research note on Friday, August 26th. Finally, Danske restated a sell rating on shares of Teekay Tankers in a research note on Monday, August 8th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $6.25.
Shares of Teekay Tankers (NYSE:TNK) opened at 2.58 on Thursday. The firm has a 50 day moving average price of $2.63 and a 200 day moving average price of $3.20. Teekay Tankers has a 52 week low of $2.42 and a 52 week high of $8.53. The company has a market capitalization of $403.25 million, a price-to-earnings ratio of 2.53 and a beta of 2.29.
Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. Teekay Tankers had a return on equity of 18.71% and a net margin of 26.09%. The firm earned $139.62 million during the quarter, compared to analyst estimates of $131.06 million. During the same quarter in the prior year, the company earned $0.35 EPS. The business’s revenue was up 25.4% compared to the same quarter last year. Equities analysts forecast that Teekay Tankers will post $0.81 EPS for the current year.
A number of hedge funds have recently modified their holdings of the stock. Loews Corp increased its position in Teekay Tankers by 3.5% in the second quarter. Loews Corp now owns 61,790 shares of the company’s stock worth $184,000 after buying an additional 2,100 shares during the period. Wedbush Securities Inc. increased its position in Teekay Tankers by 2.4% in the second quarter. Wedbush Securities Inc. now owns 137,250 shares of the company’s stock worth $409,000 after buying an additional 3,250 shares during the period. CNA Financial Corp increased its position in Teekay Tankers by 3.2% in the second quarter. CNA Financial Corp now owns 232,650 shares of the company’s stock worth $693,000 after buying an additional 7,300 shares during the period. BlackRock Advisors LLC increased its position in Teekay Tankers by 29.4% in the second quarter. BlackRock Advisors LLC now owns 38,589 shares of the company’s stock worth $115,000 after buying an additional 8,767 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Teekay Tankers by 0.5% in the second quarter. Ameriprise Financial Inc. now owns 1,960,987 shares of the company’s stock worth $5,843,000 after buying an additional 8,985 shares during the period. Institutional investors and hedge funds own 52.62% of the company’s stock.
Teekay Tankers Company Profile
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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