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

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

A number of other equities research analysts also recently issued reports on the stock. Bank of America upped their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a report on Wednesday. Weiss Ratings cut shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Finally, Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Teekay Tankers currently has a consensus rating of “Hold” and an average target price of $77.00.

Teekay Tankers Price Performance

Shares of TNK opened at $75.75 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 6.16 and a beta of -0.22. Teekay Tankers has a 1 year low of $41.77 and a 1 year high of $83.99. The business’s 50 day simple moving average is $72.66 and its 200-day simple moving average is $71.19.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. On average, sell-side analysts expect that Teekay Tankers will post 13.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Schellenberg sold 7,031 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TNK. AQR Capital Management LLC raised its stake in shares of Teekay Tankers by 107.2% in the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after acquiring an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Teekay Tankers by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock worth $546,000 after acquiring an additional 610 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after purchasing an additional 50,815 shares during the period. Prudential Financial Inc. boosted its stake in shares of Teekay Tankers by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after purchasing an additional 1,035 shares during the period. Finally, First Trust Advisors LP bought a new position in Teekay Tankers during the 2nd quarter valued at about $224,000. Institutional investors 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.