Teekay Tankers (NYSE:TNK) Lowered to “Buy” Rating by Wall Street Zen

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

A number of other analysts also recently commented on TNK. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. DNB Markets cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, February 20th. Dnb Carnegie cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Evercore reissued an “outperform” rating and set a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Finally, Bank of America upped their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $74.44 on Friday. Teekay Tankers has a one year low of $41.05 and a one year high of $83.99. The company has a 50 day moving average price of $75.51 and a 200 day moving average price of $68.19. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 6.05 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last posted its quarterly 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, equities analysts forecast that Teekay Tankers will post 13.75 EPS for the current fiscal year.

Insider Transactions at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares in the company, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teekay Tankers during the 4th quarter valued at $28,000. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers in the 4th quarter valued at $33,000. Leonteq Securities AG acquired a new stake in Teekay Tankers in the 4th quarter valued at $34,000. Global Trust Asset Management LLC purchased a new position in Teekay Tankers in the first quarter valued at about $46,000. Finally, Aster Capital Management DIFC Ltd raised 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 valued at $57,000 after purchasing an additional 1,032 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.