Teekay Tankers (NYSE:TNK) Rating Increased to Buy at Wall Street Zen

Teekay Tankers (NYSE:TNK) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

TNK has been the subject of a number of other research reports. Zacks Research cut Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Jefferies Financial Group raised their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Clarkson Capital raised shares of Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Evercore ISI raised their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $64.57 on Friday. The business’s 50 day moving average price is $57.07 and its 200-day moving average price is $53.50. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $65.48. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 7.17 and a beta of -0.25.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.50 by $0.04. The company had revenue of $229.02 million during the quarter, compared to analyst estimates of $133.65 million. Teekay Tankers had a net margin of 32.87% and a return on equity of 10.63%. The firm’s revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, sell-side analysts expect that Teekay Tankers will post 7.13 earnings per share for the current year.

Institutional Trading of Teekay Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the company. Glenorchy Capital Ltd raised its position in shares of Teekay Tankers by 0.5% during the 4th quarter. Glenorchy Capital Ltd now owns 36,937 shares of the shipping company’s stock valued at $1,973,000 after buying an additional 198 shares during the period. U S Global Investors Inc. acquired a new stake in Teekay Tankers during the fourth quarter worth $201,000. Ruffer LLP purchased a new stake in Teekay Tankers in the fourth quarter valued at $3,738,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teekay Tankers in the 4th quarter valued at $28,000. Finally, CWM LLC grew its holdings in shares of Teekay Tankers by 2.4% during the 4th quarter. CWM LLC now owns 9,171 shares of the shipping company’s stock worth $490,000 after purchasing an additional 216 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.