Teekay Tankers (NYSE:TNK) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Teekay Tankers (NYSE:TNK) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

Several other brokerages also recently weighed in on TNK. Dnb Carnegie downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Evercore restated an “outperform” rating and set a $90.00 target price on shares of Teekay Tankers in a research note on Tuesday. Finally, DNB Markets downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Teekay Tankers presently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Teekay Tankers Trading Down 0.3%

Shares of NYSE:TNK opened at $73.40 on Monday. Teekay Tankers has a 12-month low of $38.01 and a 12-month high of $82.24. The business’s fifty day simple moving average is $72.62 and its 200-day simple moving average is $63.09. The company has a market capitalization of $2.54 billion, a PE ratio of 7.27 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business had revenue of $258.27 million for the quarter, compared to the consensus estimate of $179.70 million. During the same period last year, the business posted $1.50 EPS. The business’s revenue was down .3% compared to the same quarter last year. Research analysts predict that Teekay Tankers will post 7.3 EPS for the current year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date was Monday, March 2nd. Teekay Tankers’s payout ratio is 9.91%.

Institutional Trading of Teekay Tankers

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in Teekay Tankers by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,835,312 shares of the shipping company’s stock valued at $98,042,000 after purchasing an additional 36,199 shares during the last quarter. American Century Companies Inc. grew its stake in Teekay Tankers by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock valued at $54,461,000 after purchasing an additional 67,186 shares during the last quarter. Ameriprise Financial Inc. grew its stake in 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 purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC grew its stake in Teekay Tankers by 14.4% during the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Teekay Tankers by 6.1% during the 4th quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after purchasing an additional 24,024 shares during the last quarter. Hedge funds and other institutional investors 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.