Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
Several other brokerages have also recently issued reports on TNK. ValuEngine cut Teekay Tankers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. UBS AG reissued a “sell” rating and issued a $1.50 price objective (down previously from $2.00) on shares of Teekay Tankers in a report on Friday, June 9th. BidaskClub cut Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Bank of America Corporation reissued an “underperform” rating and issued a $1.80 price objective (down previously from $2.25) on shares of Teekay Tankers in a report on Wednesday, May 17th. Finally, TheStreet cut Teekay Tankers from a “c” rating to a “d+” rating in a report on Thursday, August 3rd. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $2.31.
Shares of Teekay Tankers (NYSE TNK) opened at 1.60 on Tuesday. Teekay Tankers has a 12 month low of $1.60 and a 12 month high of $2.91. The firm has a 50-day moving average price of $1.75 and a 200-day moving average price of $2.03. The stock has a market cap of $264.64 million, a PE ratio of 9.47 and a beta of 2.24.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). The business had revenue of $89.40 million during the quarter, compared to analysts’ expectations of $80.68 million. Teekay Tankers had a positive return on equity of 0.39% and a negative net margin of 7.38%. The company’s revenue for the quarter was down 36.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. Equities analysts forecast that Teekay Tankers will post ($0.03) EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. Two Sigma Securities LLC raised its position in shares of Teekay Tankers by 243.5% in the first quarter. Two Sigma Securities LLC now owns 51,750 shares of the shipping company’s stock valued at $106,000 after buying an additional 36,683 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Teekay Tankers during the first quarter valued at $113,000. American International Group Inc. raised its position in shares of Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock valued at $147,000 after buying an additional 4,720 shares in the last quarter. Loews Corp raised its position in shares of Teekay Tankers by 9.7% in the first quarter. Loews Corp now owns 74,790 shares of the shipping company’s stock valued at $153,000 after buying an additional 6,600 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Teekay Tankers by 2,453.3% in the first quarter. JPMorgan Chase & Co. now owns 79,636 shares of the shipping company’s stock valued at $163,000 after buying an additional 76,517 shares in the last quarter. Hedge funds and other institutional investors own 41.50% of the company’s stock.
Teekay Tankers Company Profile
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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