Q3 2016 Earnings Forecast for Teekay Tankers Ltd. (TNK) Issued By Seaport Global Securities
Teekay Tankers Ltd. (NYSE:TNK) – Investment analysts at Seaport Global Securities cut their Q3 2016 earnings per share estimates for Teekay Tankers in a research report issued on Tuesday. Seaport Global Securities analyst M. Fyhr now expects that the firm will post earnings of $0.02 per share for the quarter, down from their previous estimate of $0.10. Seaport Global Securities also issued estimates for Teekay Tankers’ Q4 2016 earnings at $0.05 EPS, FY2016 earnings at $0.55 EPS and FY2017 earnings at $0.73 EPS.
Teekay Tankers (NYSE:TNK) last posted its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Teekay Tankers had a return on equity of 18.71% and a net margin of 26.09%. The company had revenue of $139.62 million for the quarter, compared to the consensus estimate of $131.06 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. Teekay Tankers’s revenue was up 25.4% on a year-over-year basis.
Several other research firms also recently commented on TNK. Danske restated a “sell” rating on shares of Teekay Tankers in a report on Monday, August 8th. Morgan Stanley set a $3.60 price target on Teekay Tankers and gave the company a “hold” rating in a report on Friday, August 5th. Zacks Investment Research downgraded Teekay Tankers from a “hold” rating to a “strong sell” rating in a report on Thursday, August 11th. Vetr downgraded Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.05 price target on the stock. in a report on Thursday, October 6th. Finally, Clarkson Capital downgraded Teekay Tankers from a “buy” rating to a “neutral” rating and cut their price target for the company from $7.00 to $3.00 in a report on Monday, October 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Teekay Tankers currently has a consensus rating of “Hold” and an average target price of $6.18.
Teekay Tankers (NYSE:TNK) opened at 2.63 on Thursday. The firm has a 50-day moving average price of $2.61 and a 200-day moving average price of $3.16. The company has a market cap of $411.07 million, a P/E ratio of 2.58 and a beta of 2.29. Teekay Tankers has a 12-month low of $2.42 and a 12-month high of $8.53.
A number of hedge funds have recently modified their holdings of the company. James Investment Research Inc. purchased a new stake in shares of Teekay Tankers during the second quarter worth approximately $543,000. Prudential Financial Inc. boosted its stake in shares of Teekay Tankers by 85.5% in the first quarter. Prudential Financial Inc. now owns 287,693 shares of the company’s stock worth $1,056,000 after buying an additional 132,600 shares in the last quarter. Mount Lucas Management LP boosted its stake in shares of Teekay Tankers by 13.3% in the first quarter. Mount Lucas Management LP now owns 151,574 shares of the company’s stock worth $556,000 after buying an additional 17,740 shares in the last quarter. UBS Group AG boosted its stake in shares of Teekay Tankers by 32.4% in the first quarter. UBS Group AG now owns 707,125 shares of the company’s stock worth $2,595,000 after buying an additional 172,989 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Teekay Tankers by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 856,123 shares of the company’s stock worth $2,551,000 after buying an additional 27,742 shares in the last quarter. 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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