Teekay Tankers (NYSE:TNK) Lowered to “Hold” at Zacks Investment Research

Teekay Tankers (NYSE:TNKGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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. “

TNK has been the subject of several other reports. Jefferies Financial Group assumed coverage on Teekay Tankers in a research report on Wednesday, April 27th. They issued a “buy” rating for the company. StockNews.com assumed coverage on Teekay Tankers in a research report on Thursday, March 31st. They issued a “sell” rating for the company.

Shares of Teekay Tankers stock traded up $0.32 during trading hours on Tuesday, reaching $18.40. The company had a trading volume of 32,213 shares, compared to its average volume of 373,750. The firm has a market cap of $620.82 million, a PE ratio of -2.66 and a beta of -0.23. Teekay Tankers has a one year low of $9.89 and a one year high of $18.38. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.26 and a quick ratio of 0.92. The business has a fifty day simple moving average of $15.09 and a 200 day simple moving average of $13.00.

Teekay Tankers (NYSE:TNKGet Rating) last announced its quarterly earnings results on Thursday, May 12th. The shipping company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.20. The company had revenue of $174.00 million during the quarter, compared to analysts’ expectations of $61.06 million. Teekay Tankers had a negative return on equity of 15.05% and a negative net margin of 40.96%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.65) earnings per share. On average, research analysts forecast that Teekay Tankers will post -0.93 EPS for the current year.

A number of institutional investors have recently bought and sold shares of TNK. Morgan Stanley grew its position in Teekay Tankers by 120.4% during the second quarter. Morgan Stanley now owns 243,335 shares of the shipping company’s stock worth $3,508,000 after buying an additional 132,910 shares in the last quarter. State Street Corp grew its position in Teekay Tankers by 41.3% during the first quarter. State Street Corp now owns 436,178 shares of the shipping company’s stock worth $6,037,000 after buying an additional 127,480 shares in the last quarter. Alliancebernstein L.P. grew its position in Teekay Tankers by 123.4% during the fourth quarter. Alliancebernstein L.P. now owns 113,275 shares of the shipping company’s stock worth $1,235,000 after buying an additional 62,560 shares in the last quarter. American Century Companies Inc. purchased a new position in Teekay Tankers during the third quarter worth about $843,000. Finally, Charles Schwab Investment Management Inc. grew its position in Teekay Tankers by 12.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 378,620 shares of the shipping company’s stock worth $5,241,000 after buying an additional 42,928 shares in the last quarter. Institutional investors and hedge funds own 28.74% of the company’s stock.

Teekay Tankers Company Profile (Get Rating)

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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