Zacks Investment Research upgraded shares of Teekay Tankers Ltd. (NYSE:TNK) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
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. “
A number of other equities research analysts also recently issued reports on TNK. TheStreet downgraded shares of Teekay Tankers from a c rating to a d+ rating in a research report on Thursday, August 3rd. ValuEngine downgraded shares of Teekay Tankers from a hold rating to a sell rating in a research report on Tuesday, August 1st. Finally, BidaskClub raised shares of Teekay Tankers from a strong sell rating to a sell rating in a research report on Wednesday, August 2nd. Four research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Teekay Tankers presently has an average rating of Sell and an average price target of $1.77.
Shares of Teekay Tankers (NYSE TNK) traded down 1.18% during midday trading on Wednesday, reaching $1.67. 669,560 shares of the company traded hands. The company has a 50-day moving average of $1.56 and a 200 day moving average of $1.76. The firm’s market capitalization is $299.26 million. Teekay Tankers has a 12-month low of $1.37 and a 12-month high of $2.78.
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, hitting the Zacks’ consensus estimate of ($0.04). Teekay Tankers had a negative net margin of 7.38% and a positive return on equity of 0.39%. The business had revenue of $89.40 million during the quarter, compared to the consensus estimate of $80.68 million. During the same period in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was down 36.0% compared to the same quarter last year. On average, equities analysts forecast that Teekay Tankers will post ($0.04) earnings per share for the current year.
Hedge funds have recently modified their holdings of the business. Gotham Asset Management LLC grew its position in Teekay Tankers by 9.7% in the 1st quarter. Gotham Asset Management LLC now owns 143,642 shares of the shipping company’s stock worth $294,000 after purchasing an additional 12,721 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in shares of Teekay Tankers by 19.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 146,641 shares of the shipping company’s stock valued at $301,000 after acquiring an additional 23,438 shares during the period. Thrivent Financial For Lutherans grew its position in shares of Teekay Tankers by 136.6% during the 1st quarter. Thrivent Financial For Lutherans now owns 894,382 shares of the shipping company’s stock valued at $1,834,000 after acquiring an additional 516,410 shares during the period. Schroder Investment Management Group grew its position in shares of Teekay Tankers by 10.2% during the 2nd quarter. Schroder Investment Management Group now owns 1,317,500 shares of the shipping company’s stock valued at $2,491,000 after acquiring an additional 122,100 shares during the period. Finally, Huber Capital Management LLC grew its position in shares of Teekay Tankers by 12.4% during the 2nd quarter. Huber Capital Management LLC now owns 14,563,834 shares of the shipping company’s stock valued at $27,380,000 after acquiring an additional 1,602,809 shares during the period. 39.25% of the stock is owned by institutional investors and hedge funds.
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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