Teekay Tankers (NYSE:TNK) Cut to “Hold” at Dnb Carnegie

Dnb Carnegie downgraded shares of Teekay Tankers (NYSE:TNK) from a strong-buy rating to a hold rating in a research report released on Friday,Zacks.com reports.

A number of other analysts have also issued reports on TNK. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Financial Group boosted 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. Evercore reissued an “outperform” rating and set a $84.00 target price on shares of Teekay Tankers in a research note on Friday. Finally, Wall Street Zen cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Teekay Tankers currently has a consensus rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Price Performance

NYSE TNK opened at $72.80 on Friday. The stock has a market capitalization of $2.51 billion, a P/E ratio of 7.21 and a beta of -0.27. The firm’s 50-day moving average is $60.79 and its two-hundred day moving average is $56.19. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $74.70.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. The business had revenue of $158.78 million during the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the business earned $1.50 earnings per share. As a group, analysts anticipate that Teekay Tankers will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, March 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, March 2nd. Teekay Tankers’s payout ratio is presently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds have recently bought and sold shares of the stock. Sagil Capital LLP acquired a new position in shares of Teekay Tankers during the second quarter worth about $7,167,000. Ameriprise Financial Inc. lifted its stake in Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares during the last quarter. Man Group plc acquired a new position in Teekay Tankers during the 4th quarter worth approximately $5,264,000. Millennium Management LLC grew its holdings in Teekay Tankers by 203.6% during the 4th quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock worth $7,820,000 after acquiring an additional 98,156 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $5,174,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.