Teekay Tankers Ltd. (NYSE:TNK) Lowered to Strong Sell at BidaskClub
Teekay Tankers Ltd. (NYSE:TNK) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Wednesday.
Several other equities analysts have also commented on TNK. Bank of America Corporation reaffirmed an “underperform” rating and issued a $1.80 price target (down previously from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. ValuEngine lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. UBS AG reissued a “sell” rating and set a $1.50 target price (down previously from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. Finally, Zacks Investment Research raised Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $2.27.
Shares of Teekay Tankers (NYSE:TNK) traded up 4.14% during trading on Wednesday, hitting $1.76. The stock had a trading volume of 1,435,659 shares. Teekay Tankers has a 12 month low of $1.65 and a 12 month high of $3.25. The company’s 50 day moving average price is $1.79 and its 200 day moving average price is $2.09. The stock has a market cap of $291.10 million, a price-to-earnings ratio of 10.41 and a beta of 2.24.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, May 18th. The shipping company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.02. Teekay Tankers had a net margin of 5.48% and a return on equity of 4.58%. The business had revenue of $125.10 million during the quarter, compared to analyst estimates of $95.97 million. During the same period last year, the company earned $0.29 EPS. The business’s revenue for the quarter was down 24.2% on a year-over-year basis. Equities research analysts expect that Teekay Tankers will post ($0.03) earnings per share for the current fiscal year.
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Large investors have recently modified their holdings of the company. TFS Capital LLC increased its stake in shares of Teekay Tankers by 21.4% in the first quarter. TFS Capital LLC now owns 125,293 shares of the shipping company’s stock valued at $257,000 after buying an additional 22,054 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Teekay Tankers during the first quarter valued at $186,000. Grisanti Capital Management LLC increased its stake in shares of Teekay Tankers by 49.8% in the first quarter. Grisanti Capital Management LLC now owns 90,000 shares of the shipping company’s stock valued at $185,000 after buying an additional 29,900 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Teekay Tankers during the first quarter valued at $1,867,000. Finally, James Investment Research Inc. increased its stake in shares of Teekay Tankers by 0.5% in the first quarter. James Investment Research Inc. now owns 319,330 shares of the shipping company’s stock valued at $655,000 after buying an additional 1,540 shares during the period. Institutional investors own 42.03% 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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