Teekay Tankers Ltd. (NYSE:TNK) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been given an average rating of “Buy” by the five research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $65.00.

Several equities analysts have weighed in on the company. Jefferies Financial Group increased their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Wall Street Zen upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday. Clarkson Capital raised Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th.

Teekay Tankers Stock Up 0.6%

TNK opened at $64.57 on Friday. Teekay Tankers has a twelve month low of $33.35 and a twelve month high of $65.48. The company’s 50-day moving average price is $57.07 and its two-hundred day moving average price is $53.50. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 7.17 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.04. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The company had revenue of $229.02 million for the quarter, compared to analysts’ expectations of $133.65 million. During the same quarter in the previous year, the firm posted $0.23 EPS. Teekay Tankers’s revenue was down 16.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current year.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently modified their holdings of TNK. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Teekay Tankers in the fourth quarter worth about $28,000. GAMMA Investing LLC boosted its holdings in Teekay Tankers by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after purchasing an additional 394 shares during the period. State of Alaska Department of Revenue bought a new stake in Teekay Tankers during the third quarter valued at $54,000. Sunbelt Securities Inc. purchased a new position in Teekay Tankers during the third quarter worth about $63,000. Finally, Osaic Holdings Inc. increased its stake in Teekay Tankers by 85.9% in the 2nd quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company’s stock worth $101,000 after acquiring an additional 1,123 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.