Brokerages Set Teekay Tankers Ltd. (NYSE:TNK) PT at $65.00

Shares of Teekay Tankers Ltd. (NYSE:TNK) have been given a consensus recommendation of “Buy” by the five brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $65.00.

TNK has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Evercore ISI increased their price objective on Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Wall Street Zen upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th.

Teekay Tankers Price Performance

Shares of TNK opened at $65.19 on Friday. The company has a 50-day moving average of $57.15 and a two-hundred day moving average of $53.78. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 7.24 and a beta of -0.27. Teekay Tankers has a one year low of $33.35 and a one year high of $65.64.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Glenorchy Capital Ltd grew its holdings in shares of Teekay Tankers by 0.5% during the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after acquiring an additional 198 shares in the last quarter. U S Global Investors Inc. bought a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $201,000. Ruffer LLP acquired a new position in Teekay Tankers in the fourth quarter worth approximately $3,738,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers during the fourth quarter valued at approximately $28,000. Finally, CWM LLC raised its position in Teekay Tankers by 2.4% during the fourth quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock valued at $490,000 after acquiring an additional 216 shares in 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.