Teekay Tankers (NYSE:TNK) Stock Rating Lowered by Zacks Research

Teekay Tankers (NYSE:TNK) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday. Evercore reiterated an “outperform” rating and set a $90.00 target price on shares of Teekay Tankers in a research report on Tuesday. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.00.

Teekay Tankers Price Performance

Shares of TNK stock traded down $1.77 on Monday, hitting $71.86. The stock had a trading volume of 141,463 shares, compared to its average volume of 535,402. The business has a 50 day moving average of $72.54 and a 200 day moving average of $63.01. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 7.15 and a beta of -0.28. Teekay Tankers has a 12-month low of $38.01 and a 12-month high of $82.24.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, February 19th. The shipping company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.71 by $0.09. The company had revenue of $258.27 million during the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.50 earnings per share. As a group, research analysts expect that Teekay Tankers will post 7.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teekay Tankers in the fourth quarter valued at approximately $28,000. Kemnay Advisory Services Inc. purchased a new stake in Teekay Tankers in the fourth quarter valued at approximately $33,000. Leonteq Securities AG purchased a new stake in Teekay Tankers in the fourth quarter valued at approximately $34,000. Aster Capital Management DIFC Ltd raised its stake in Teekay Tankers by 2,948.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 1,032 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Teekay Tankers in the third quarter valued at approximately $54,000. 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.