DNB Markets Downgrades Teekay Tankers (NYSE:TNK) to Hold

Teekay Tankers (NYSE:TNK) was downgraded by stock analysts at DNB Markets from a “buy” rating to a “hold” rating in a research note issued on Friday, MarketBeat Ratings reports.

TNK has been the topic of a number of other research reports. Jefferies Financial Group increased their target price on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore lifted their target price on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Teekay Tankers presently has an average rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Stock Down 1.5%

TNK stock opened at $72.80 on Friday. Teekay Tankers has a 52-week low of $33.35 and a 52-week high of $74.70. The firm has a market cap of $2.51 billion, a P/E ratio of 7.21 and a beta of -0.27. The company’s 50-day simple moving average is $60.79 and its 200-day simple moving average is $56.11.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.09. The firm had revenue of $158.78 million during the quarter, compared to analyst estimates of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.Teekay Tankers’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 EPS. On average, analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently made changes to their positions in the stock. Sagil Capital LLP purchased a new stake in shares of Teekay Tankers in the 2nd quarter valued at approximately $7,167,000. Ameriprise Financial Inc. raised its position in shares of Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after buying an additional 136,990 shares during the period. Man Group plc acquired a new position in Teekay Tankers in the fourth quarter valued at approximately $5,264,000. Millennium Management LLC grew its position in Teekay Tankers by 203.6% in the fourth quarter. Millennium Management LLC now owns 146,378 shares of the shipping company’s stock worth $7,820,000 after acquiring an additional 98,156 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Teekay Tankers in the fourth quarter worth approximately $5,174,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Company Profile

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.