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

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been given a consensus recommendation of “Hold” by the eight brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $77.00.

A number of brokerages recently weighed in on TNK. Bank of America upped their price target 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. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday. Finally, Wall Street Zen upgraded Teekay Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday.

Insider Transactions at Teekay Tankers

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fearnley Asset Management AS acquired a new stake in Teekay Tankers during the 4th quarter valued at approximately $17,890,000. Mizuho Markets Americas LLC acquired a new position in shares of Teekay Tankers in the 1st quarter valued at approximately $18,330,000. Arrowstreet Capital Limited Partnership raised its position in shares of Teekay Tankers by 367.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock valued at $15,947,000 after purchasing an additional 170,940 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after buying an additional 136,990 shares during the last quarter. Finally, Man Group plc purchased a new position in shares of Teekay Tankers during the 4th quarter valued at approximately $5,264,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Stock Up 0.1%

Shares of TNK stock opened at $75.75 on Friday. Teekay Tankers has a fifty-two week low of $41.77 and a fifty-two week high of $83.99. The firm’s 50 day moving average price is $72.66 and its two-hundred day moving average price is $71.19. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 6.16 and a beta of -0.22.

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

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio is currently 8.13%.

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.