Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
TNK has been the subject of a number of other reports. Morgan Stanley set a $3.60 price objective on shares of Teekay Tankers and gave the stock a “hold” rating in a report on Friday, August 5th. Vetr lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating and set a $3.94 price objective for the company. in a report on Wednesday, June 8th. Finally, Danske reaffirmed a “sell” rating on shares of Teekay Tankers in a research note on Monday, August 8th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $7.00.
Teekay Tankers (NYSE:TNK) opened at 2.52 on Thursday. The stock has a 50 day moving average of $2.66 and a 200 day moving average of $3.26. The firm has a market capitalization of $393.88 million, a PE ratio of 2.47 and a beta of 2.42. Teekay Tankers has a 12 month low of $2.42 and a 12 month high of $8.53.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The firm earned $139.62 million during the quarter, compared to analyst estimates of $131.06 million. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The business’s quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 EPS. On average, equities analysts predict that Teekay Tankers will post $0.81 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. QVT Financial LP increased its position in shares of Teekay Tankers by 100.7% in the second quarter. QVT Financial LP now owns 3,654,776 shares of the company’s stock worth $10,891,000 after buying an additional 1,833,387 shares during the last quarter. Evergreen Capital Management LLC acquired a new stake in Teekay Tankers during the second quarter worth $4,389,000. Emerald Acquisition Ltd. acquired a new stake in Teekay Tankers during the second quarter worth $3,571,000. BlackRock Fund Advisors increased its stake in Teekay Tankers by 24.8% in the second quarter. BlackRock Fund Advisors now owns 2,972,450 shares of the company’s stock worth $8,858,000 after buying an additional 589,984 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Teekay Tankers by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 4,509,933 shares of the company’s stock worth $13,440,000 after buying an additional 518,892 shares in the last quarter. 52.62% of the stock is currently owned by institutional investors and hedge funds.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers. The Company’s chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers.
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