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

Shares of Teekay Tankers Ltd. (NYSE:TNK) have earned a consensus recommendation of “Buy” from the seven research firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $77.00.

TNK has been the subject of a number of research reports. Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Finally, Evercore reissued an “outperform” rating and set a $84.00 price target on shares of Teekay Tankers in a research report on Friday, February 20th.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in shares of Teekay Tankers by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,835,312 shares of the shipping company’s stock worth $98,042,000 after acquiring an additional 36,199 shares in the last quarter. American Century Companies Inc. increased its position in shares of Teekay Tankers by 6.7% during the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after acquiring an additional 67,186 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after acquiring an additional 136,990 shares in the last quarter. Summit Street Capital Management LLC raised its stake in shares of Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after acquiring an additional 63,125 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Teekay Tankers by 6.1% in the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after purchasing an additional 24,024 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

Teekay Tankers Stock Performance

NYSE:TNK opened at $67.18 on Friday. Teekay Tankers has a fifty-two week low of $33.35 and a fifty-two week high of $82.24. The company has a 50 day moving average price of $67.57 and a 200 day moving average price of $59.63. The stock has a market capitalization of $2.32 billion, a P/E ratio of 6.66 and a beta of -0.32.

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

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, March 2nd. Teekay Tankers’s dividend payout ratio is presently 9.91%.

About Teekay Tankers

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.