Teekay Tankers (NYSE:TNK) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Teekay Tankers (NYSE:TNK) had its price objective hoisted by research analysts at Jefferies Financial Group from $66.00 to $70.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 14.72% from the company’s current price.

TNK has been the subject of several other reports. Clarkson Capital raised Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Evercore ISI raised their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Weiss Ratings reissued 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 investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $61.02 on Thursday. The company’s 50-day moving average price is $52.70 and its two-hundred day moving average price is $47.09. Teekay Tankers has a one year low of $33.35 and a one year high of $61.25. The stock has a market capitalization of $2.09 billion, a PE ratio of 6.78 and a beta of -0.07.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.50 by $0.04. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The firm had revenue of $115.21 million during the quarter, compared to analysts’ expectations of $133.65 million. During the same period in the prior year, the firm posted $0.23 earnings per share. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. On average, analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TNK. Allspring Global Investments Holdings LLC raised its holdings in Teekay Tankers by 0.8% in 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 during the period. Envestnet Asset Management Inc. grew its position in shares of Teekay Tankers by 9.1% in the first quarter. Envestnet Asset Management Inc. now owns 10,371 shares of the shipping company’s stock valued at $397,000 after purchasing an additional 865 shares during the last quarter. TD Private Client Wealth LLC grew its position in shares of Teekay Tankers by 19.7% in the first quarter. TD Private Client Wealth LLC now owns 1,844 shares of the shipping company’s stock valued at $71,000 after purchasing an additional 304 shares during the last quarter. Linden Thomas Advisory Services LLC grew its position in shares of Teekay Tankers by 13.1% in the first quarter. Linden Thomas Advisory Services LLC now owns 14,016 shares of the shipping company’s stock valued at $536,000 after purchasing an additional 1,618 shares during the last quarter. Finally, Harvey Capital Management Inc. grew its position in shares of Teekay Tankers by 14.0% in the first quarter. Harvey Capital Management Inc. now owns 10,585 shares of the shipping company’s stock valued at $405,000 after purchasing an additional 1,300 shares during the last quarter. 52.67% of the stock is owned by institutional investors.

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.