Teekay Tankers Ltd. (TNK) Cut to “Strong Sell” at Zacks Investment Research
Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors 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 analysts have also recently issued research reports about the stock. Vetr cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 price target on the stock. in a research note on Wednesday, June 8th. Morgan Stanley set a $3.60 target price on shares of Teekay Tankers and gave the company a “hold” rating in a research note on Friday, August 5th. Danske restated a “sell” rating on shares of Teekay Tankers in a research note on Monday, August 8th. Finally, Clarkson Capital cut shares of Teekay Tankers from a “buy” rating to a “neutral” rating and lowered their target price for the company from $7.00 to $3.00 in a research note on Monday. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $6.25.
Teekay Tankers (NYSE:TNK) opened at 2.68 on Thursday. 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 $418.88 million, a P/E ratio of 2.63 and a beta of 2.29. The firm has a 50-day moving average price of $2.62 and a 200 day moving average price of $3.20.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The company had revenue of $139.62 million for 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 revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 EPS. Analysts expect that Teekay Tankers will post $0.81 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. PEAK6 Investments L.P. raised its stake in Teekay Tankers by 255.7% in the second quarter. PEAK6 Investments L.P. now owns 34,419 shares of the company’s stock valued at $103,000 after buying an additional 24,742 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in Teekay Tankers during the second quarter valued at about $105,000. BlackRock Advisors LLC raised its stake in Teekay Tankers by 29.4% in the second quarter. BlackRock Advisors LLC now owns 38,589 shares of the company’s stock valued at $115,000 after buying an additional 8,767 shares in the last quarter. Bank of Montreal Can purchased a new stake in Teekay Tankers during the second quarter valued at about $117,000. Finally, Panagora Asset Management Inc. purchased a new stake in Teekay Tankers during the second quarter valued at about $154,000. 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 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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