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. “
Several other research analysts also recently commented on the stock. Vetr downgraded shares of Teekay Tankers from a strong-buy rating to a buy rating and set a $3.94 price target on the stock. in a research note on Wednesday, June 8th. Morgan Stanley set a $3.60 price target on shares of Teekay Tankers and gave the stock a hold rating in a research note on Friday, August 5th. Danske reissued a sell rating on shares of Teekay Tankers in a research note on Monday, August 8th. Finally, Clarkson Capital downgraded shares of Teekay Tankers from a buy rating to a neutral rating and decreased their price target for the stock from $7.00 to $3.00 in a research note on Monday, October 3rd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $6.18.
Shares of Teekay Tankers (NYSE:TNK) opened at 2.82 on Thursday. The company has a market capitalization of $440.77 million, a price-to-earnings ratio of 2.76 and a beta of 2.29. Teekay Tankers has a 1-year low of $2.42 and a 1-year high of $8.53. The stock has a 50 day moving average of $2.62 and a 200-day moving average of $3.18.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. Teekay Tankers had a net margin of 26.09% and a return on equity of 18.71%. The firm had revenue of $139.62 million for the quarter, compared to the consensus estimate of $131.06 million. During the same period in the prior year, the firm posted $0.35 earnings per share. The company’s revenue for the quarter was up 25.4% on a year-over-year basis. Analysts forecast that Teekay Tankers will post $0.81 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its stake in Teekay Tankers by 27.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 181,000 shares of the company’s stock valued at $540,000 after buying an additional 39,100 shares during the period. Highbridge Capital Management LLC bought a new stake in Teekay Tankers during the second quarter valued at $105,000. QVT Financial LP boosted its stake in Teekay Tankers by 100.7% in the second quarter. QVT Financial LP now owns 3,654,776 shares of the company’s stock valued at $10,891,000 after buying an additional 1,833,387 shares during the period. Weiss Multi Strategy Advisers LLC boosted its stake in Teekay Tankers by 79.2% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 179,200 shares of the company’s stock valued at $534,000 after buying an additional 79,200 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in Teekay Tankers during the second quarter valued at $154,000. Institutional investors and hedge funds own 52.62% of the company’s stock.
Teekay Tankers Company Profile
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 has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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