Teekay Tankers (NYSE:TNK) Upgraded by Wall Street Zen to Strong-Buy Rating

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

A number of other research firms have also issued reports on TNK. Zacks Research lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Bank of America boosted their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Finally, Evercore reissued an “outperform” rating on shares of Teekay Tankers in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $77.00.

Teekay Tankers Stock Up 0.1%

Shares of NYSE TNK opened at $75.75 on Friday. The firm’s 50-day moving average price is $72.66 and its two-hundred day moving average price is $71.19. Teekay Tankers has a 52-week low of $41.77 and a 52-week high of $83.99. The stock has a market capitalization of $2.62 billion, a P/E ratio of 6.16 and a beta of -0.22.

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

Teekay Tankers Dividend Announcement

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

Insider Buying and Selling

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. The trade was a 48.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its holdings in shares of Teekay Tankers by 10.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after purchasing an additional 172 shares during the period. Baron Wealth Management LLC lifted its position in Teekay Tankers by 4.5% in the 2nd quarter. Baron Wealth Management LLC now owns 4,094 shares of the shipping company’s stock worth $266,000 after buying an additional 178 shares in the last quarter. Glenorchy Capital Ltd lifted its position in Teekay Tankers by 0.5% in the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock worth $1,973,000 after buying an additional 198 shares in the last quarter. Boothbay Fund Management LLC boosted its stake in shares of Teekay Tankers by 1.4% during the 4th quarter. Boothbay Fund Management LLC now owns 15,172 shares of the shipping company’s stock valued at $810,000 after buying an additional 214 shares during the period. Finally, CWM LLC grew its holdings in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after acquiring an additional 216 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.