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

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been given an average recommendation of “Buy” by the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $77.00.

TNK has been the topic of a number of research analyst reports. Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. DNB Markets downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Evercore reissued an “outperform” rating and issued a $84.00 price objective on shares of Teekay Tankers in a research note on Friday. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th.

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its stake in Teekay Tankers by 107.2% during the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after purchasing an additional 43,258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares in the last quarter. Millennium Management LLC boosted its position in shares of Teekay Tankers by 24.9% during the first quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after buying an additional 50,815 shares during the last quarter. Ethic Inc. grew its holdings in Teekay Tankers by 39.7% during the second quarter. Ethic Inc. now owns 19,985 shares of the shipping company’s stock worth $846,000 after buying an additional 5,678 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Teekay Tankers by 6,154.4% during the second quarter. Nisa Investment Advisors LLC now owns 6,442 shares of the shipping company’s stock worth $269,000 after buying an additional 6,339 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Up 2.8%

Shares of TNK stock opened at $73.83 on Wednesday. The firm has a 50 day moving average of $61.55 and a 200-day moving average of $56.58. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 7.32 and a beta of -0.27. Teekay Tankers has a 52 week low of $33.35 and a 52 week high of $74.70.

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

Teekay Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is currently 9.91%.

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.