Teekay Tankers Ltd. (NYSE:TNK) Rating Lowered to Hold at Zacks Investment Research
Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 several other reports. BidaskClub lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Bank of America Corporation restated an “underperform” rating and set a $1.80 price target (down from $2.25) on shares of Teekay Tankers in a research report on Wednesday, May 17th. ValuEngine lowered shares of Teekay Tankers from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. TheStreet lowered shares of Teekay Tankers from a “c” rating to a “d+” rating in a research report on Thursday, August 3rd. Finally, UBS AG restated a “sell” rating and set a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a research report on Friday, June 9th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Teekay Tankers currently has an average rating of “Hold” and a consensus price target of $2.31.
Shares of Teekay Tankers (NYSE TNK) traded up 0.299% on Tuesday, reaching $1.675. The company had a trading volume of 376,619 shares. The company has a market capitalization of $277.04 million, a PE ratio of 9.911 and a beta of 2.24. Teekay Tankers has a one year low of $1.65 and a one year high of $3.12. The company’s 50-day moving average is $1.76 and its 200-day moving average is $2.05.
Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). Teekay Tankers had a negative net margin of 7.38% and a positive return on equity of 0.39%. The business had revenue of $89.40 million during the quarter, compared to analyst estimates of $80.68 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue was down 36.0% on a year-over-year basis. Equities research analysts predict that Teekay Tankers will post ($0.03) earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of the company. James Investment Research Inc. raised its stake in Teekay Tankers by 0.5% in the first quarter. James Investment Research Inc. now owns 319,330 shares of the shipping company’s stock worth $655,000 after buying an additional 1,540 shares in the last quarter. American International Group Inc. raised its stake in Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock worth $147,000 after buying an additional 4,720 shares in the last quarter. Loews Corp raised its stake in Teekay Tankers by 9.7% in the first quarter. Loews Corp now owns 74,790 shares of the shipping company’s stock worth $153,000 after buying an additional 6,600 shares in the last quarter. Creative Planning raised its stake in Teekay Tankers by 7.8% in the second quarter. Creative Planning now owns 98,857 shares of the shipping company’s stock worth $186,000 after buying an additional 7,173 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Teekay Tankers by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 393,015 shares of the shipping company’s stock worth $739,000 after buying an additional 9,066 shares in the last quarter. Institutional investors own 41.50% 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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