Teekay Tankers (NYSE:TNK) Upgraded at Zacks Research

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

Other analysts also recently issued research reports about the stock. Jefferies Financial Group increased their target price on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Evercore lifted their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Clarkson Capital upgraded shares of Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $65.00.

Teekay Tankers Stock Up 3.6%

Shares of TNK stock opened at $66.73 on Wednesday. The business has a fifty day simple moving average of $57.71 and a 200 day simple moving average of $54.23. The company has a market cap of $2.30 billion, a P/E ratio of 7.41 and a beta of -0.27. Teekay Tankers has a twelve month low of $33.35 and a twelve month high of $67.20.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently added to or reduced their stakes in the stock. Sagil Capital LLP purchased a new position in shares of Teekay Tankers in the 2nd quarter worth about $7,167,000. Ameriprise Financial Inc. raised its position in Teekay Tankers by 24.6% in the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares during the period. Oxbow Advisors LLC purchased a new position in Teekay Tankers in the second quarter valued at about $4,074,000. Qube Research & Technologies Ltd grew its position in shares of Teekay Tankers by 182.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 120,122 shares of the shipping company’s stock valued at $6,072,000 after acquiring an additional 77,574 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Teekay Tankers by 7.5% during the 2nd quarter. American Century Companies Inc. now owns 1,010,177 shares of the shipping company’s stock valued at $42,145,000 after acquiring an additional 70,578 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.