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

Teekay Tankers Ltd. (NYSE:TNK) has received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company, 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 target price among brokerages that have issued ratings on the stock in the last year is $77.00.

Several research analysts have recently issued reports on TNK shares. Dnb Carnegie lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Evercore reiterated an “outperform” rating and issued a $84.00 price objective on shares of Teekay Tankers in a report on Friday, February 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Sunday, February 8th.

Teekay Tankers Trading Up 5.0%

NYSE:TNK opened at $72.90 on Friday. The company has a 50-day moving average price of $68.03 and a 200-day moving average price of $59.97. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 7.22 and a beta of -0.32. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $82.24.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The company had revenue of $158.78 million during the quarter, compared to the consensus estimate of $179.70 million. During the same period in the prior year, the firm earned $1.50 earnings per share. Teekay Tankers’s revenue was down .3% on a year-over-year basis. Equities analysts forecast that Teekay Tankers will post 7.13 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, March 2nd. Teekay Tankers’s dividend payout ratio (DPR) is 9.91%.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. increased its stake in shares of Teekay Tankers by 291.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,230 shares of the shipping company’s stock valued at $66,000 after purchasing an additional 916 shares in the last quarter. Fearnley Asset Management AS bought a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $17,890,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Teekay Tankers by 217.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company’s stock worth $75,000 after purchasing an additional 959 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $718,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Teekay Tankers in the 4th quarter worth approximately $316,000. 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.