Wall Street Zen Upgrades Teekay Tankers (NYSE:TNK) to “Strong-Buy”

Teekay Tankers (NYSE:TNK) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

A number of other brokerages have also recently issued reports on TNK. Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday. Weiss Ratings downgraded shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Finally, Bank of America upped their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Teekay Tankers presently has a consensus rating of “Hold” and an average target price of $77.00.

Teekay Tankers Trading Down 0.1%

Shares of Teekay Tankers stock opened at $75.75 on Friday. The firm has a market capitalization of $2.62 billion, a PE ratio of 6.16 and a beta of -0.22. Teekay Tankers has a 12 month low of $41.77 and a 12 month high of $83.99. The business’s 50-day moving average price is $72.66 and its 200-day moving average price is $71.32.

Teekay Tankers (NYSE:TNK) last released its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. As a group, analysts predict that Teekay Tankers will post 13.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the sale, the director owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. This represents a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNK. Fearnley Asset Management AS purchased a new position in shares of Teekay Tankers in the fourth quarter valued at about $17,890,000. Mizuho Markets Americas LLC bought a new position in shares of Teekay Tankers during the first quarter valued at about $18,330,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Teekay Tankers by 367.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after purchasing an additional 170,940 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Teekay Tankers by 24.6% during the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after purchasing an additional 136,990 shares during the period. Finally, Man Group plc bought a new stake in shares of Teekay Tankers in the fourth quarter worth about $5,264,000. 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.