Teekay Tankers (NYSE:TNK) Downgraded by Dnb Carnegie to “Hold”

Teekay Tankers (NYSE:TNK) was downgraded by investment analysts at Dnb Carnegie from a “strong-buy” rating to a “hold” rating in a note issued to investors on Friday,Zacks.com reports.

A number of other analysts also recently issued reports on TNK. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Evercore reissued an “outperform” rating and issued a $84.00 price target on shares of Teekay Tankers in a research note on Friday. Jefferies Financial Group increased their price objective on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $72.80 on Friday. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $74.70. The company has a market capitalization of $2.51 billion, a P/E ratio of 7.21 and a beta of -0.27. The company has a 50 day simple moving average of $60.79 and a 200-day simple moving average of $56.05.

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

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently added to or reduced their stakes in the business. Sagil Capital LLP acquired a new position in shares of Teekay Tankers in the second quarter worth $7,167,000. Ameriprise Financial Inc. boosted its holdings in 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 purchasing an additional 136,990 shares during the period. Man Group plc acquired a new position in Teekay Tankers during the 4th quarter worth $5,264,000. Millennium Management LLC grew its stake in Teekay Tankers by 203.6% during the 4th quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock worth $7,820,000 after purchasing an additional 98,156 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Teekay Tankers during the 4th quarter worth about $5,174,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.