Analysts Set Teekay Tankers Ltd. (NYSE:TNK) Target Price at $77.00

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been assigned an average rating of “Buy” from the seven research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $77.00.

TNK has been the topic of several recent research reports. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Dnb Carnegie downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. DNB Markets lowered Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, February 20th. Finally, Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th.

Teekay Tankers Price Performance

Shares of TNK opened at $78.21 on Wednesday. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $78.68. The stock has a fifty day moving average price of $62.90 and a 200 day moving average price of $57.27. The company has a market cap of $2.70 billion, a P/E ratio of 7.75 and a beta of -0.32.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. The company had revenue of $158.78 million for the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business posted $1.50 earnings per share. As a group, research analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is 9.91%.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently bought and sold shares of TNK. Sagil Capital LLP bought a new stake in shares of Teekay Tankers during the 2nd quarter worth about $7,167,000. Ameriprise Financial Inc. boosted its holdings 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. Man Group plc acquired a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $5,264,000. Millennium Management LLC increased its stake in shares of Teekay Tankers by 203.6% during the fourth quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock valued at $7,820,000 after acquiring an additional 98,156 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in Teekay Tankers during the fourth quarter worth approximately $5,174,000. Institutional investors 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.