Wall Street Zen Upgrades Teekay Tankers (NYSE:TNK) to Strong-Buy

Teekay Tankers (NYSE:TNK) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts also recently commented on the stock. Evercore reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Dnb Carnegie downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Finally, Bank of America increased their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Teekay Tankers currently has an average rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Trading Up 0.2%

Shares of TNK stock opened at $70.46 on Friday. The firm has a 50-day moving average price of $75.52 and a 200 day moving average price of $66.92. Teekay Tankers has a twelve month low of $41.05 and a twelve month high of $83.99. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 5.73 and a beta of -0.21.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, research analysts predict that Teekay Tankers will post 13.75 earnings per share for the current year.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently made changes to their positions in TNK. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers in the fourth quarter worth $33,000. Global Trust Asset Management LLC acquired a new stake in Teekay Tankers in the first quarter worth $46,000. Leonteq Securities AG acquired a new stake in Teekay Tankers in the fourth quarter worth $34,000. Finally, Aster Capital Management DIFC Ltd increased its position in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after buying an additional 1,032 shares during the period. 52.67% of the stock is currently owned by hedge funds and other 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.