Teekay Tankers Ltd. (TNK) Upgraded at Zacks Investment Research
Teekay Tankers Ltd. (NYSE:TNK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors 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. “
TNK has been the subject of a number of other research reports. Morgan Stanley set a $3.60 target price on shares of Teekay Tankers and gave the stock a “hold” rating in a report on Friday, August 5th. Vetr cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 target price for the company. in a report on Wednesday, June 8th. Finally, Danske reissued a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $7.00.
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Shares of Teekay Tankers (NYSE:TNK) traded up 1.21% on Wednesday, reaching $2.50. 1,613,126 shares of the company were exchanged. The company’s 50-day moving average price is $2.73 and its 200 day moving average price is $3.31. The company has a market cap of $390.75 million, a price-to-earnings ratio of 2.45 and a beta of 2.42. Teekay Tankers has a 12 month low of $2.45 and a 12 month high of $8.53.
Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, August 4th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The firm earned $139.62 million during the quarter, compared to analysts’ expectations of $131.06 million. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, equities research analysts expect that Teekay Tankers will post $0.81 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC bought a new stake in shares of Teekay Tankers during the second quarter valued at approximately $4,389,000. Bank of Montreal Can bought a new stake in shares of Teekay Tankers during the second quarter valued at approximately $117,000. James Investment Research Inc. bought a new stake in shares of Teekay Tankers during the second quarter valued at approximately $543,000. Royal Bank of Canada increased its stake in shares of Teekay Tankers by 37.8% in the first quarter. Royal Bank of Canada now owns 234,723 shares of the company’s stock valued at $861,000 after buying an additional 64,332 shares during the period. Finally, Mount Lucas Management LP increased its stake in shares of Teekay Tankers by 13.3% in the first quarter. Mount Lucas Management LP now owns 151,574 shares of the company’s stock valued at $556,000 after buying an additional 17,740 shares during the period. 52.62% of the stock is owned by institutional investors and hedge funds.
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 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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