Teekay Tankers Ltd. (TNK) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Teekay Tankers Ltd. (NYSE:TNK) from a hold rating to a sell rating in a research report report published on Thursday.

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 equities research analysts have also recently issued reports on TNK. UBS AG reaffirmed a sell rating and set a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. TheStreet cut shares of Teekay Tankers from a c rating to a d+ rating in a research report on Thursday, August 3rd. ValuEngine cut 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. Five investment analysts have rated the stock with a sell rating and one has given a hold rating to the stock. The company currently has an average rating of Sell and an average target price of $1.77.

Teekay Tankers (TNK) opened at 1.61 on Thursday. The firm has a 50-day moving average of $1.52 and a 200 day moving average of $1.78. The firm’s market capitalization is $288.51 million. Teekay Tankers has a 12-month low of $1.37 and a 12-month high of $2.85.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ 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 company had revenue of $89.40 million for the quarter, compared to analysts’ expectations of $80.68 million. During the same period last year, the company earned $0.20 EPS. The firm’s revenue for the quarter was down 36.0% compared to the same quarter last year. On average, equities analysts predict that Teekay Tankers will post ($0.02) EPS for the current year.

COPYRIGHT VIOLATION WARNING: “Teekay Tankers Ltd. (TNK) Cut to “Sell” at Zacks Investment Research” was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this article on another publication, it was copied illegally and republished in violation of international trademark and copyright law. The original version of this article can be read at https://ledgergazette.com/2017/10/09/teekay-tankers-ltd-tnk-cut-to-sell-at-zacks-investment-research.html.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huber Capital Management LLC boosted its position in shares of Teekay Tankers by 12.4% in the second quarter. Huber Capital Management LLC now owns 14,563,834 shares of the shipping company’s stock worth $27,380,000 after acquiring an additional 1,602,809 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Teekay Tankers by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,215,008 shares of the shipping company’s stock worth $11,684,000 after acquiring an additional 325,871 shares during the last quarter. Northern Trust Corp boosted its position in shares of Teekay Tankers by 75.7% in the second quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock worth $5,821,000 after acquiring an additional 1,334,417 shares during the last quarter. State Street Corp boosted its position in shares of Teekay Tankers by 9.6% in the second quarter. State Street Corp now owns 1,952,507 shares of the shipping company’s stock worth $3,671,000 after acquiring an additional 170,377 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Teekay Tankers by 1,094.2% in the first quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock worth $3,090,000 after acquiring an additional 1,380,930 shares during the last quarter. 39.00% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

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

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 equities research analysts have also recently issued reports on TNK. UBS AG reaffirmed a sell rating and set a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. TheStreet cut shares of Teekay Tankers from a c rating to a d+ rating in a research report on Thursday, August 3rd. ValuEngine cut 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. Five investment analysts have rated the stock with a sell rating and one has given a hold rating to the stock. The company currently has an average rating of Sell and an average target price of $1.77.

Teekay Tankers (TNK) opened at 1.61 on Thursday. The firm has a 50-day moving average of $1.52 and a 200 day moving average of $1.78. The firm’s market capitalization is $288.51 million. Teekay Tankers has a 12-month low of $1.37 and a 12-month high of $2.85.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ 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 company had revenue of $89.40 million for the quarter, compared to analysts’ expectations of $80.68 million. During the same period last year, the company earned $0.20 EPS. The firm’s revenue for the quarter was down 36.0% compared to the same quarter last year. On average, equities analysts predict that Teekay Tankers will post ($0.02) EPS for the current year.

COPYRIGHT VIOLATION WARNING: “Teekay Tankers Ltd. (TNK) Cut to “Sell” at Zacks Investment Research” was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this article on another publication, it was copied illegally and republished in violation of international trademark and copyright law. The original version of this article can be read at https://ledgergazette.com/2017/10/09/teekay-tankers-ltd-tnk-cut-to-sell-at-zacks-investment-research.html.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huber Capital Management LLC boosted its position in shares of Teekay Tankers by 12.4% in the second quarter. Huber Capital Management LLC now owns 14,563,834 shares of the shipping company’s stock worth $27,380,000 after acquiring an additional 1,602,809 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Teekay Tankers by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,215,008 shares of the shipping company’s stock worth $11,684,000 after acquiring an additional 325,871 shares during the last quarter. Northern Trust Corp boosted its position in shares of Teekay Tankers by 75.7% in the second quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock worth $5,821,000 after acquiring an additional 1,334,417 shares during the last quarter. State Street Corp boosted its position in shares of Teekay Tankers by 9.6% in the second quarter. State Street Corp now owns 1,952,507 shares of the shipping company’s stock worth $3,671,000 after acquiring an additional 170,377 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Teekay Tankers by 1,094.2% in the first quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock worth $3,090,000 after acquiring an additional 1,380,930 shares during the last quarter. 39.00% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

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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