Teekay Tankers (NYSE:TNK) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Teekay Tankers (NYSE:TNKFree Report) from a hold rating to a buy rating in a report released on Friday morning.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Teekay Tankers from $70.00 to $76.00 and gave the company a buy rating in a report on Thursday, May 9th. Evercore ISI reduced their price target on Teekay Tankers from $77.00 to $73.00 and set an outperform rating on the stock in a research report on Friday, February 23rd. Finally, Bank of America upped their price objective on Teekay Tankers from $66.00 to $79.00 and gave the company a buy rating in a report on Friday, May 10th.

View Our Latest Stock Analysis on Teekay Tankers

Teekay Tankers Stock Performance

NYSE TNK opened at $70.62 on Friday. Teekay Tankers has a 52 week low of $35.00 and a 52 week high of $72.76. The stock has a market capitalization of $2.42 billion, a P/E ratio of 4.99, a price-to-earnings-growth ratio of 1.63 and a beta of -0.27. The stock has a fifty day moving average of $59.75 and a 200-day moving average of $56.00.

Teekay Tankers (NYSE:TNKGet Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The shipping company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.81). Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The firm had revenue of $194.46 million during the quarter, compared to analyst estimates of $219.93 million. Equities research analysts forecast that Teekay Tankers will post 14.67 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently declared a None dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be issued a $2.25 dividend. This represents a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, May 20th. Teekay Tankers’s dividend payout ratio (DPR) is 7.07%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently modified their holdings of the business. SG Americas Securities LLC grew its position in shares of Teekay Tankers by 485.2% in the 1st quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after purchasing an additional 247,489 shares during the period. Principal Financial Group Inc. increased its position in shares of Teekay Tankers by 38.8% during the fourth quarter. Principal Financial Group Inc. now owns 828,888 shares of the shipping company’s stock worth $41,420,000 after acquiring an additional 231,921 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Teekay Tankers by 94.3% during the third quarter. Acadian Asset Management LLC now owns 409,144 shares of the shipping company’s stock worth $17,022,000 after acquiring an additional 198,613 shares during the period. International Assets Investment Management LLC bought a new stake in Teekay Tankers in the 4th quarter valued at $6,243,000. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Teekay Tankers by 180.8% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 182,816 shares of the shipping company’s stock worth $7,611,000 after purchasing an additional 117,716 shares during the period. 52.67% of the stock is currently owned by institutional investors.

About Teekay Tankers

(Get Free Report)

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.

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