Teekay Tankers (NYSE:TNK) Rating Lowered to “Hold” at Wall Street Zen

Teekay Tankers (NYSE:TNK) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

TNK has been the topic of a number of other research reports. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Evercore boosted their price target on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Jefferies Financial Group increased their price target on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $65.00.

Teekay Tankers Price Performance

TNK stock opened at $66.94 on Friday. Teekay Tankers has a fifty-two week low of $33.35 and a fifty-two week high of $67.33. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 7.44 and a beta of -0.27. The business’s fifty day moving average price is $57.93 and its two-hundred day moving average price is $54.53.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the business. Franklin Resources Inc. boosted its position in Teekay Tankers by 4.1% in the second quarter. Franklin Resources Inc. now owns 122,728 shares of the shipping company’s stock valued at $5,120,000 after buying an additional 4,830 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Teekay Tankers by 89.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 24,693 shares of the shipping company’s stock valued at $1,030,000 after acquiring an additional 11,675 shares during the last quarter. CWM LLC lifted its stake in shares of Teekay Tankers by 124.2% in the 2nd quarter. CWM LLC now owns 7,803 shares of the shipping company’s stock valued at $326,000 after acquiring an additional 4,323 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Teekay Tankers by 7.5% during the 2nd quarter. American Century Companies Inc. now owns 1,010,177 shares of the shipping company’s stock valued at $42,145,000 after acquiring an additional 70,578 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Teekay Tankers by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock worth $15,086,000 after acquiring an additional 14,052 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.