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

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

A number of other research firms also recently weighed in on TNK. Wall Street Zen raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. One investment 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’s stock. According to data from MarketBeat.com, Teekay Tankers has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Down 1.4%

Shares of NYSE:TNK opened at $75.88 on Wednesday. Teekay Tankers has a 12 month low of $41.05 and a 12 month high of $83.99. The company’s 50-day moving average price is $74.31 and its two-hundred day moving average price is $66.13. The firm has a market cap of $2.62 billion, a P/E ratio of 6.17 and a beta of -0.21.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, equities analysts predict that Teekay Tankers will post 7.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in Teekay Tankers by 107.2% in the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after acquiring an additional 43,258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Teekay Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock worth $546,000 after buying an additional 610 shares during the last quarter. Millennium Management LLC lifted its position in shares of Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock worth $9,745,000 after buying an additional 50,815 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Teekay Tankers by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock worth $491,000 after buying an additional 1,035 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of Teekay Tankers during the 2nd quarter worth $224,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.