Teekay Tankers (NYSE:TNK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Teekay Tankers (NYSE:TNK) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

A number of other research analysts have also weighed in on TNK. Evercore reissued an “outperform” rating on shares of Teekay Tankers in a report on Wednesday, July 22nd. Bank of America lifted their target price on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Weiss Ratings lowered Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Finally, Zacks Research downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $77.00.

Teekay Tankers Price Performance

Shares of TNK opened at $75.90 on Friday. The firm has a market capitalization of $2.62 billion, a PE ratio of 6.17 and a beta of -0.22. Teekay Tankers has a 1-year low of $41.77 and a 1-year high of $83.99. The company’s fifty day moving average price is $72.64 and its 200-day moving average price is $71.48.

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

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, May 26th. Teekay Tankers’s dividend payout ratio is currently 8.13%.

Insider Activity at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the completion of the transaction, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. The trade was a 48.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by insiders.

Institutional Trading of Teekay Tankers

A number of hedge funds have recently added to or reduced their stakes in TNK. Dimensional Fund Advisors LP grew its position in Teekay Tankers by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock valued at $139,579,000 after buying an additional 68,437 shares during the period. Ameriprise Financial Inc. raised its position in shares of Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares during the period. Summit Street Capital Management LLC boosted its stake in shares of Teekay Tankers by 14.4% during the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock worth $25,360,000 after acquiring an additional 63,125 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Teekay Tankers by 6.1% during the 4th quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock worth $22,302,000 after acquiring an additional 24,024 shares in the last quarter. Finally, State Street Corp grew its position in shares of Teekay Tankers by 0.8% during the 4th quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock valued at $21,359,000 after acquiring an additional 3,101 shares during the period. 52.67% of the stock is owned by hedge funds and other 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.