Teekay Tankers (NYSE:TNK) Downgraded by Wall Street Zen to “Hold”

Teekay Tankers (NYSE:TNK) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

TNK has been the subject of several other reports. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Evercore increased their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Finally, Jefferies Financial Group lifted 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. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $65.00.

Teekay Tankers Stock Performance

NYSE:TNK opened at $66.73 on Friday. The company has a market capitalization of $2.30 billion, a P/E ratio of 7.41 and a beta of -0.27. The stock’s 50 day moving average price is $57.71 and its 200 day moving average price is $54.31. Teekay Tankers has a 52 week low of $33.35 and a 52 week high of $67.20.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in TNK. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teekay Tankers during the fourth quarter worth approximately $28,000. Leonteq Securities AG acquired a new stake in shares of Teekay Tankers during the fourth quarter valued at about $34,000. State of Alaska Department of Revenue acquired a new stake in Teekay Tankers during the 3rd quarter worth approximately $54,000. Sunbelt Securities Inc. acquired a new position in shares of Teekay Tankers during the third quarter worth $63,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock worth $98,000 after buying an additional 172 shares during the period. 52.67% of the stock is owned by institutional investors.

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.