Teekay Tankers Ltd. (TNK) Downgraded by Zacks Investment Research to Strong Sell
Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
Other equities research analysts have also issued reports about the stock. Vetr lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 price objective on the stock. in a report on Wednesday, June 8th. Morgan Stanley set a $3.60 price objective on shares of Teekay Tankers and gave the stock a “hold” rating in a report on Friday, August 5th. Finally, Danske restated a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $7.00.
Shares of Teekay Tankers (NYSE:TNK) opened at 2.52 on Thursday. The company has a market capitalization of $393.88 million, a price-to-earnings ratio of 2.47 and a beta of 2.42. Teekay Tankers has a one year low of $2.42 and a one year high of $8.53. The company has a 50-day moving average price of $2.66 and a 200 day moving average price of $3.26.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The business had revenue of $139.62 million for the quarter, compared to analyst estimates of $131.06 million. During the same period last year, the business posted $0.35 earnings per share. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. On average, analysts forecast that Teekay Tankers will post $0.81 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Loews Corp increased its position in shares of Teekay Tankers by 3.5% in the second quarter. Loews Corp now owns 61,790 shares of the company’s stock worth $184,000 after buying an additional 2,100 shares during the period. Wedbush Securities Inc. increased its position in shares of Teekay Tankers by 2.4% in the second quarter. Wedbush Securities Inc. now owns 137,250 shares of the company’s stock worth $409,000 after buying an additional 3,250 shares during the period. CNA Financial Corp increased its position in shares of Teekay Tankers by 3.2% in the second quarter. CNA Financial Corp now owns 232,650 shares of the company’s stock worth $693,000 after buying an additional 7,300 shares during the period. BlackRock Advisors LLC increased its position in shares of Teekay Tankers by 29.4% in the second quarter. BlackRock Advisors LLC now owns 38,589 shares of the company’s stock worth $115,000 after buying an additional 8,767 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Teekay Tankers by 0.5% in the second quarter. Ameriprise Financial Inc. now owns 1,960,987 shares of the company’s stock worth $5,843,000 after buying an additional 8,985 shares during the period. 52.62% of the stock is owned by institutional investors.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers. The Company’s chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers.
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