Teekay Tankers (NYSE:TNK) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Teekay Tankers (NYSE:TNK) from a strong-buy rating to a buy rating in a research note released on Sunday.

Several other research firms have also recently issued reports on TNK. Weiss Ratings cut Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 23rd. Bank of America increased their target price on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. Zacks Research downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Teekay Tankers has an average rating of “Hold” and an average target price of $77.00.

Teekay Tankers Stock Performance

NYSE:TNK opened at $79.22 on Friday. The stock has a market capitalization of $2.74 billion, a PE ratio of 4.67 and a beta of -0.22. Teekay Tankers has a fifty-two week low of $41.77 and a fifty-two week high of $83.99. The company has a fifty day moving average of $72.68 and a two-hundred day moving average of $72.02.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. Research analysts forecast that Teekay Tankers will post 13.75 earnings per share for the current year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, August 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Teekay Tankers’s payout ratio is presently 5.89%.

Insider Transactions at Teekay Tankers

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the sale, the director owned 7,445 shares in the company, valued at approximately $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TNK. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $28,000. Kemnay Advisory Services Inc. acquired a new position in Teekay Tankers during the fourth quarter worth $33,000. Leonteq Securities AG purchased a new stake in Teekay Tankers in the 4th quarter valued at $34,000. Global Trust Asset Management LLC purchased a new stake in Teekay Tankers in the 1st quarter valued at $46,000. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after acquiring an additional 1,032 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Company Profile

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.