Teekay Tankers (NYSE:TNK) Downgraded by DNB Markets to Hold

Teekay Tankers (NYSE:TNK) was downgraded by analysts at DNB Markets from a “buy” rating to a “hold” rating in a research report issued on Friday, Marketbeat.com reports.

A number of other research firms have also recently commented on TNK. Evercore boosted their price target on Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Jefferies Financial Group lifted their target price on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $65.00.

Teekay Tankers Trading Up 2.1%

NYSE TNK opened at $74.04 on Friday. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 7.34 and a beta of -0.27. The firm’s 50 day simple moving average is $60.41 and its 200 day simple moving average is $55.85. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $74.70.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Wednesday, February 18th. The shipping company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.89%. The business had revenue of $158.78 million during the quarter, compared to the consensus estimate of $179.70 million. During the same period in the previous year, the business earned $1.50 earnings per share. The company’s revenue was down .3% on a year-over-year basis. On average, equities research analysts forecast that Teekay Tankers will post 7.13 earnings per share for the current year.

Institutional Trading of Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. boosted its stake in shares of Teekay Tankers by 4.1% in the 2nd quarter. Franklin Resources Inc. now owns 122,728 shares of the shipping company’s stock valued at $5,120,000 after purchasing an additional 4,830 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Teekay Tankers by 89.7% in the second quarter. Y Intercept Hong Kong Ltd now owns 24,693 shares of the shipping company’s stock valued at $1,030,000 after buying an additional 11,675 shares during the period. CWM LLC boosted its position in Teekay Tankers by 124.2% during the second 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 position in Teekay Tankers by 7.5% during the second 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 during the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 period. 52.67% of the stock is currently owned by institutional investors.

About Teekay Tankers

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.