Teekay Tankers (NYSE:TNK) Upgraded at Zacks Research

Zacks Research upgraded shares of Teekay Tankers (NYSE:TNK) from a strong sell rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Separately, Jefferies Financial Group restated a “buy” rating and set a $55.00 price target on shares of Teekay Tankers in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

Teekay Tankers Price Performance

Teekay Tankers stock opened at $51.74 on Monday. The company has a market capitalization of $1.77 billion and a price-to-earnings ratio of 6.43. Teekay Tankers has a one year low of $33.35 and a one year high of $62.45. The company’s fifty day moving average price is $45.97 and its two-hundred day moving average price is $42.99.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). The business had revenue of $154.23 million for the quarter, compared to analyst estimates of $162.67 million. Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.During the same period in the previous year, the company earned $3.11 earnings per share. As a group, sell-side analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 11th. Teekay Tankers’s dividend payout ratio is 12.42%.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds have recently made changes to their positions in TNK. Encompass Capital Advisors LLC bought a new stake in shares of Teekay Tankers in the first quarter valued at about $17,210,000. Pacer Advisors Inc. bought a new stake in shares of Teekay Tankers in the first quarter valued at about $11,986,000. Nuveen LLC bought a new stake in shares of Teekay Tankers in the first quarter valued at about $8,702,000. Voloridge Investment Management LLC lifted its stake in shares of Teekay Tankers by 1,352.3% in the fourth quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company’s stock valued at $9,658,000 after buying an additional 226,001 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Teekay Tankers in the fourth quarter valued at about $8,110,000. Institutional investors own 52.67% of the company’s stock.

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.