Teekay Tankers Ltd. (TNK) Expected to Earn Q3 2016 Earnings of $0.02 Per Share
Teekay Tankers Ltd. (NYSE:TNK) – Analysts at Seaport Global Securities lowered their Q3 2016 earnings per share (EPS) estimates for Teekay Tankers in a note issued to investors on Tuesday. Seaport Global Securities analyst M. Fyhr now expects that the brokerage will earn $0.02 per share for the quarter, down from their previous estimate of $0.10. Seaport Global Securities also issued estimates for Teekay Tankers’ Q4 2016 earnings at $0.05 EPS, FY2016 earnings at $0.55 EPS and FY2017 earnings at $0.73 EPS.
Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The firm had revenue of $139.62 million for the quarter, compared to the consensus estimate of $131.06 million. Teekay Tankers had a return on equity of 18.71% and a net margin of 26.09%. The company’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share.
Several other brokerages have also issued reports on TNK. Danske reiterated a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $2.50 price target (down previously from $3.60) on shares of Teekay Tankers in a report on Friday, August 26th. Zacks Investment Research lowered Teekay Tankers from a “hold” rating to a “strong sell” rating in a report on Thursday, September 29th. Clarkson Capital lowered Teekay Tankers from a “buy” rating to a “neutral” rating and cut their price target for the stock from $7.00 to $3.00 in a report on Monday, October 3rd. Finally, Vetr lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.05 price target on the stock. in a report on Thursday, October 6th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $6.18.
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Teekay Tankers (NYSE:TNK) traded down 1.47% on Thursday, hitting $2.68. The stock had a trading volume of 867,043 shares. The company’s 50 day moving average price is $2.61 and its 200 day moving average price is $3.17. Teekay Tankers has a 52-week low of $2.42 and a 52-week high of $8.53. The firm has a market cap of $418.88 million, a price-to-earnings ratio of 2.63 and a beta of 2.29.
A number of hedge funds have recently added to or reduced their stakes in TNK. Loews Corp increased its stake 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 in the last quarter. Wedbush Securities Inc. increased its stake 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 in the last quarter. CNA Financial Corp increased its stake 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 in the last quarter. BlackRock Advisors LLC increased its stake 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 in the last quarter. Finally, Ameriprise Financial Inc. increased its stake 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 in the last quarter. 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 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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