Teekay Tankers Ltd. (NYSE:TNK) Raised to Buy at Zacks Investment Research
Teekay Tankers Ltd. (NYSE:TNK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $1.75 target price on the shipping company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 1.74% from the company’s previous close.
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. “
Several other research analysts have also weighed in on TNK. Bank of America Corporation reaffirmed an “underperform” rating and set a $1.80 target price (down previously from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. ValuEngine lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, UBS AG reaffirmed 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. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $2.27.
Teekay Tankers (TNK) traded down 1.71% during midday trading on Wednesday, hitting $1.72. 1,558,744 shares of the stock traded hands. Teekay Tankers has a 52-week low of $1.65 and a 52-week high of $3.25. The stock has a 50-day moving average of $1.78 and a 200 day moving average of $2.09. The firm has a market cap of $284.49 million, a PE ratio of 10.18 and a beta of 2.24.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, May 18th. The shipping company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $125.10 million during the quarter, compared to analysts’ expectations of $95.97 million. During the same period in the prior year, the company posted $0.29 EPS. The company’s revenue for the quarter was down 24.2% compared to the same quarter last year. Equities analysts forecast that Teekay Tankers will post ($0.03) EPS for the current year.
Hedge funds have recently modified their holdings of the company. Creative Planning boosted its stake in shares of Teekay Tankers by 7.8% in the second quarter. Creative Planning now owns 98,857 shares of the shipping company’s stock valued at $186,000 after buying an additional 7,173 shares in the last quarter. Berson & Corrado Investment Advisors LLC boosted its stake in shares of Teekay Tankers by 39.4% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 427,113 shares of the shipping company’s stock valued at $803,000 after buying an additional 120,766 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Teekay Tankers by 13.7% in the first quarter. Goldman Sachs Group Inc. now owns 319,188 shares of the shipping company’s stock valued at $654,000 after buying an additional 38,380 shares in the last quarter. CNA Financial Corp boosted its stake in shares of Teekay Tankers by 7.9% in the first quarter. CNA Financial Corp now owns 277,750 shares of the shipping company’s stock valued at $569,000 after buying an additional 20,400 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in shares of Teekay Tankers by 188.2% in the first quarter. Tudor Investment Corp ET AL now owns 134,000 shares of the shipping company’s stock valued at $275,000 after buying an additional 87,500 shares in the last quarter. 42.03% of the stock is currently 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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