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

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

TNK has been the subject of a number of other research reports. Bank of America increased their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Evercore reiterated an “outperform” rating and set a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Finally, Wall Street Zen lowered shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Teekay Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Trading Down 1.2%

Shares of Teekay Tankers stock opened at $74.67 on Monday. Teekay Tankers has a twelve month low of $41.77 and a twelve month high of $83.99. The stock has a market capitalization of $2.58 billion, a P/E ratio of 6.07 and a beta of -0.22. The business’s fifty day moving average price is $72.72 and its 200 day moving average price is $70.99.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. As a group, sell-side analysts predict that Teekay Tankers will post 13.75 EPS for the current year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Teekay Tankers’s dividend payout ratio is presently 8.13%.

Insider Activity

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Teekay Tankers

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of Teekay Tankers by 107.2% during the first quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after purchasing an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Teekay Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares during the period. Millennium Management LLC grew its holdings in Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after purchasing an additional 50,815 shares in the last quarter. Prudential Financial Inc. grew its holdings in Teekay Tankers by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock valued at $491,000 after purchasing an additional 1,035 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in Teekay Tankers during the 2nd quarter valued at $224,000. 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.