Teekay Tankers (NYSE:TNK) Upgraded to Strong-Buy by Fearnley Fonds

Teekay Tankers (NYSE:TNK) was upgraded by equities researchers at Fearnley Fonds to a “strong-buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

A number of other brokerages also recently commented on TNK. Evercore ISI upped their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America decreased their target price on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Jefferies Financial Group restated a “buy” rating and issued a $76.00 price objective on shares of Teekay Tankers in a report on Thursday, August 1st. Finally, StockNews.com downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Teekay Tankers currently has a consensus rating of “Buy” and an average target price of $76.67.

Teekay Tankers Stock Down 0.1 %

TNK stock opened at $58.25 on Friday. The firm’s fifty day simple moving average is $57.10 and its two-hundred day simple moving average is $61.68. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 4.12, a price-to-earnings-growth ratio of 1.46 and a beta of -0.32. Teekay Tankers has a twelve month low of $37.20 and a twelve month high of $74.20.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The firm had revenue of $296.60 million during the quarter, compared to analysts’ expectations of $192.19 million. During the same period last year, the company earned $4.38 earnings per share. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year. As a group, equities research analysts expect that Teekay Tankers will post 13.33 EPS for the current year.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in Teekay Tankers during the 2nd quarter worth $1,775,000. Quarry LP purchased a new position in shares of Teekay Tankers in the 2nd quarter valued at approximately $43,000. AQR Capital Management LLC boosted its stake in Teekay Tankers by 6.5% in the 2nd quarter. AQR Capital Management LLC now owns 45,735 shares of the shipping company’s stock worth $3,147,000 after purchasing an additional 2,781 shares in the last quarter. Merewether Investment Management LP purchased a new stake in Teekay Tankers during the 2nd quarter worth approximately $3,832,000. Finally, Sei Investments Co. increased its stake in Teekay Tankers by 9.2% during the 2nd quarter. Sei Investments Co. now owns 79,243 shares of the shipping company’s stock valued at $5,453,000 after purchasing an additional 6,652 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.