Teekay Tankers (NYSE:TNK) Upgraded at Wall Street Zen

Teekay Tankers (NYSE:TNK) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other equities research analysts have also recently weighed in on the company. Clarkson Capital raised Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Evercore ISI lifted their target price on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Jefferies Financial Group raised their price objective on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Finally, Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $65.00.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $64.57 on Friday. The firm has a market cap of $2.23 billion, a P/E ratio of 7.17 and a beta of -0.25. The firm’s 50 day moving average price is $57.07 and its 200-day moving average price is $53.50. Teekay Tankers has a one year low of $33.35 and a one year high of $65.48.

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

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently modified their holdings of TNK. Glenorchy Capital Ltd grew its stake in shares of Teekay Tankers by 0.5% during the fourth quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after purchasing an additional 198 shares in the last quarter. U S Global Investors Inc. acquired a new stake in Teekay Tankers in the fourth quarter valued at $201,000. Ruffer LLP acquired a new stake in Teekay Tankers in the fourth quarter valued at $3,738,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teekay Tankers during the 4th quarter worth about $28,000. Finally, CWM LLC boosted its position in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after acquiring an additional 216 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.