Teekay Tankers (TNK) PT Set at $3.00 by Seaport Global Securities

Seaport Global Securities set a $3.00 price objective on Teekay Tankers (NYSE:TNK) in a report published on Thursday, January 4th. The brokerage currently has a buy rating on the shipping company’s stock.

Several other equities analysts have also recently issued reports on the company. ValuEngine cut Teekay Tankers from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Bank of America reduced their target price on Teekay Tankers from $1.60 to $1.30 and set an underperform rating on the stock in a research note on Friday, November 10th. Finally, Zacks Investment Research raised Teekay Tankers from a sell rating to a hold rating in a research note on Wednesday, October 18th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $1.95.

Shares of Teekay Tankers (TNK) traded up $0.04 during trading on Thursday, reaching $1.39. The company’s stock had a trading volume of 1,270,300 shares, compared to its average volume of 1,345,625. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.73. The stock has a market cap of $375.48, a PE ratio of -4.96, a P/E/G ratio of 103.85 and a beta of 2.29. Teekay Tankers has a 1-year low of $1.30 and a 1-year high of $2.70.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.02. Teekay Tankers had a negative return on equity of 0.99% and a negative net margin of 11.43%. The business had revenue of $91.20 million for the quarter, compared to analysts’ expectations of $68.67 million. During the same period in the previous year, the firm earned ($0.01) EPS. The business’s quarterly revenue was down 16.8% on a year-over-year basis. sell-side analysts forecast that Teekay Tankers will post -0.14 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of TNK. Macquarie Group Ltd. bought a new stake in Teekay Tankers in the third quarter worth $867,000. State Street Corp boosted its holdings in 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 in the last quarter. Schroder Investment Management Group boosted its holdings in Teekay Tankers by 10.2% in the second quarter. Schroder Investment Management Group now owns 1,317,500 shares of the shipping company’s stock worth $2,491,000 after acquiring an additional 122,100 shares in the last quarter. Northern Trust Corp boosted its holdings in 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 in the last quarter. Finally, Huber Capital Management LLC boosted its holdings in 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 in the last quarter. 28.35% of the stock is currently owned by institutional investors.

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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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