Bank of America Forecasts Strong Price Appreciation for Teekay Tankers (NYSE:TNK) Stock

Teekay Tankers (NYSE:TNK) had its price objective increased by research analysts at Bank of America from $69.00 to $75.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the shipping company’s stock. Bank of America‘s target price suggests a potential downside of 1.15% from the stock’s previous close.

Several other analysts also recently weighed in on TNK. Wall Street Zen upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Evercore reaffirmed an “outperform” rating and set a $86.00 target price on shares of Teekay Tankers in a research report on Friday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Teekay Tankers Price Performance

Shares of TNK opened at $75.88 on Wednesday. The company’s fifty day moving average price is $74.31 and its 200 day moving average price is $66.13. Teekay Tankers has a one year low of $41.05 and a one year high of $83.99. The company has a market capitalization of $2.62 billion, a PE ratio of 6.17 and a beta of -0.21.

Teekay Tankers (NYSE:TNK) last announced 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%. Analysts anticipate that Teekay Tankers will post 7.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi bought a new position in shares of Teekay Tankers during the first quarter valued at $1,629,000. Empowered Funds LLC grew its stake in Teekay Tankers by 21.1% during the first quarter. Empowered Funds LLC now owns 191,472 shares of the shipping company’s stock worth $14,039,000 after buying an additional 33,302 shares during the last quarter. Quantinno Capital Management LP grew its stake in Teekay Tankers by 12.5% during the first quarter. Quantinno Capital Management LP now owns 7,455 shares of the shipping company’s stock worth $547,000 after buying an additional 830 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Teekay Tankers during the first quarter worth about $2,109,000. Finally, Entropy Technologies LP bought a new stake in Teekay Tankers during the first quarter worth about $355,000. 52.67% of the stock is owned by institutional investors.

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.