Teekay Tankers (NYSE:TNK) Stock Rating Lowered by DNB Markets

Teekay Tankers (NYSE:TNK) was downgraded by DNB Markets from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat reports.

Several other equities research analysts also recently weighed in on the stock. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Evercore boosted their target price on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Jefferies Financial Group increased their price target on Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Finally, Wall Street Zen lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $65.00.

Teekay Tankers Stock Performance

Shares of TNK opened at $74.04 on Friday. The firm has a market cap of $2.55 billion, a PE ratio of 7.34 and a beta of -0.27. Teekay Tankers has a 52-week low of $33.35 and a 52-week high of $74.70. The business’s 50 day moving average price is $60.41 and its two-hundred day moving average price is $55.85.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.89%. The company had revenue of $158.78 million during the quarter, compared to analyst estimates of $179.70 million. During the same quarter in the previous year, the business posted $1.50 EPS. Teekay Tankers’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts predict that Teekay Tankers will post 7.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Teekay Tankers in the 4th quarter worth $33,000. Leonteq Securities AG purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at about $34,000. State of Alaska Department of Revenue bought a new position in shares of Teekay Tankers during the third quarter valued at about $54,000. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares during the last quarter. 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.