Teekay Tankers (NYSE:TNK) Given New $60.00 Price Target at Evercore ISI

Teekay Tankers (NYSE:TNK) had its target price increased by Evercore ISI from $53.00 to $60.00 in a report issued on Tuesday, Marketbeat.com reports. The firm currently has an outperform rating on the shipping company’s stock.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Teekay Tankers from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Teekay Tankers in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Teekay Tankers from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Teekay Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $57.33.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $59.70 on Tuesday. The stock has a market cap of $2.05 billion, a P/E ratio of 7.42 and a beta of -0.07. The firm has a fifty day moving average price of $51.91 and a 200 day moving average price of $46.71. Teekay Tankers has a 1-year low of $33.35 and a 1-year high of $60.59.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company earned $3.11 EPS. Sell-side analysts expect that Teekay Tankers will post 7.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently made changes to their positions in the stock. TD Private Client Wealth LLC increased its holdings in shares of Teekay Tankers by 13.0% in the 2nd quarter. TD Private Client Wealth LLC now owns 2,084 shares of the shipping company’s stock valued at $87,000 after purchasing an additional 240 shares in the last quarter. Martingale Asset Management L P increased its holdings in Teekay Tankers by 0.4% during the 1st quarter. Martingale Asset Management L P now owns 64,789 shares of the shipping company’s stock valued at $2,479,000 after acquiring an additional 248 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Teekay Tankers by 0.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,123 shares of the shipping company’s stock valued at $1,459,000 after acquiring an additional 285 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Teekay Tankers by 2.3% during the 2nd quarter. Raymond James Financial Inc. now owns 15,978 shares of the shipping company’s stock valued at $667,000 after acquiring an additional 366 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Teekay Tankers by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company’s stock valued at $38,000 after acquiring an additional 394 shares in the last quarter. Hedge funds and other 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.