Teekay Tankers Ltd. (TNK) Lowered to “Neutral” at Clarkson Capital
Clarkson Capital lowered shares of Teekay Tankers Ltd. (NYSE:TNK) from a buy rating to a neutral rating in a research report report published on Monday morning. Clarkson Capital currently has $3.00 price target on the stock, down from their previous price target of $7.00.
A number of other research analysts also recently commented on TNK. Zacks Investment Research downgraded Teekay Tankers from a hold rating to a strong sell rating in a research note on Thursday, August 11th. Morgan Stanley reaffirmed an equal weight rating and issued a $2.50 price target (down previously from $3.60) on shares of Teekay Tankers in a research note on Friday, August 26th. Vetr downgraded Teekay Tankers from a strong-buy rating to a buy rating and set a $3.94 price target for the company. in a research note on Wednesday, June 8th. Finally, Danske reaffirmed a sell rating on shares of Teekay Tankers in a research note on Monday, August 8th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Teekay Tankers presently has a consensus rating of Hold and an average target price of $6.25.
Teekay Tankers (NYSE:TNK) opened at 2.52 on Monday. The stock has a 50 day moving average of $2.63 and a 200 day moving average of $3.22. Teekay Tankers has a 52 week low of $2.42 and a 52 week high of $8.53. The company has a market cap of $393.88 million, a price-to-earnings ratio of 2.47 and a beta of 2.29.
Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. The company earned $139.62 million during the quarter, compared to analysts’ expectations of $131.06 million. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. Teekay Tankers’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 earnings per share. Equities research analysts predict that Teekay Tankers will post $0.81 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of TNK. PEAK6 Investments L.P. boosted its position in Teekay Tankers by 255.7% in the second quarter. PEAK6 Investments L.P. now owns 34,419 shares of the company’s stock worth $103,000 after buying an additional 24,742 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in Teekay Tankers during the second quarter worth about $105,000. BlackRock Advisors LLC boosted its position in 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 last quarter. Bank of Montreal Can acquired a new position in Teekay Tankers during the second quarter worth about $117,000. Finally, Panagora Asset Management Inc. acquired a new position in Teekay Tankers during the second quarter worth about $154,000. Hedge funds and other institutional investors own 52.62% of the company’s stock.
Teekay Tankers Company Profile
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 has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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