Teekay Tankers (NYSE:TNK) Cut to “Buy” at Wall Street Zen

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

Several other research firms have also recently issued reports on TNK. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings lowered shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Bank of America upped their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Finally, Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. One 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. According to MarketBeat.com, Teekay Tankers has a consensus rating of “Hold” and a consensus target price of $77.00.

Teekay Tankers Trading Down 4.7%

Shares of TNK stock opened at $76.74 on Friday. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 4.52 and a beta of -0.22. The stock has a 50 day simple moving average of $72.76 and a 200-day simple moving average of $72.26. Teekay Tankers has a 12-month low of $42.88 and a 12-month high of $83.99.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. On average, equities analysts forecast that Teekay Tankers will post 13.75 earnings per share for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 10th will be given a $0.25 dividend. The ex-dividend date is Monday, August 10th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Teekay Tankers’s dividend payout ratio is currently 5.89%.

Insider Buying and Selling at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the firm’s 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. This trade represents a 48.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fearnley Asset Management AS acquired a new stake in Teekay Tankers during the 4th quarter valued at $17,890,000. Mizuho Markets Americas LLC acquired a new position in shares of Teekay Tankers in the first quarter worth $18,330,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Teekay Tankers by 367.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company’s stock worth $15,947,000 after acquiring an additional 170,940 shares during the last quarter. Ameriprise Financial Inc. lifted 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 valued at $28,903,000 after acquiring an additional 136,990 shares in the last quarter. Finally, Man Group plc purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at $5,264,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.