Teekay Tankers (NYSE:TNK) Upgraded at Wall Street Zen

Teekay Tankers (NYSE:TNK) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other brokerages also recently commented on TNK. Weiss Ratings downgraded shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Evercore reaffirmed an “outperform” rating on shares of Teekay Tankers in a report on Wednesday. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Bank of America raised their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $77.00.

Teekay Tankers Trading Up 0.1%

Teekay Tankers stock opened at $75.75 on Friday. The firm has a 50 day moving average of $72.66 and a 200 day moving average of $71.19. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 6.16 and a beta of -0.22. Teekay Tankers has a 12-month low of $41.77 and a 12-month high of $83.99.

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

Insider Activity

In other news, Director David Schellenberg sold 7,031 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director owned 7,445 shares of the company’s stock, valued at approximately $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Teekay Tankers

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in Teekay Tankers by 3.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock valued at $139,579,000 after acquiring an additional 68,437 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings 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 purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC boosted its holdings in shares of 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. JPMorgan Chase & Co. grew its position in shares of Teekay Tankers by 6.1% during the fourth 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 in the last quarter. Finally, State Street Corp grew its position in shares of Teekay Tankers by 0.8% during the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock valued at $21,359,000 after purchasing an additional 3,101 shares in the last quarter. 52.67% of the stock is 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.