Zacks Investment Research upgraded shares of Teekay Tankers (NYSE:TNK) from a sell rating to a hold rating in a report released 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. “
Other equities research analysts also recently issued research reports about the company. Wells Fargo & Co raised Teekay Tankers from a market perform rating to an outperform rating in a research report on Monday, June 18th. ValuEngine raised Teekay Tankers from a sell rating to a hold rating in a research report on Saturday, June 2nd. DNB Markets raised Teekay Tankers from a hold rating to a buy rating in a research report on Tuesday, March 6th. Finally, Morgan Stanley raised their price objective on Teekay Tankers from $1.10 to $1.30 and gave the company an equal weight rating in a research report on Wednesday, June 13th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $1.72.
Shares of TNK stock opened at $1.17 on Thursday. Teekay Tankers has a 1-year low of $0.96 and a 1-year high of $1.95. The stock has a market cap of $314.21 million, a P/E ratio of -10.64 and a beta of 2.00. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.74 and a current ratio of 0.74.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, May 17th. The shipping company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). Teekay Tankers had a negative return on equity of 5.24% and a negative net margin of 17.16%. The company had revenue of $88.47 million for the quarter, compared to the consensus estimate of $83.84 million. During the same quarter last year, the company earned $0.04 earnings per share. The firm’s revenue for the quarter was down 17.1% compared to the same quarter last year. equities analysts anticipate that Teekay Tankers will post -0.32 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Huber Capital Management LLC boosted its holdings in Teekay Tankers by 13.0% in the fourth quarter. Huber Capital Management LLC now owns 16,259,924 shares of the shipping company’s stock worth $22,764,000 after acquiring an additional 1,876,690 shares in the last quarter. BlackRock Inc. boosted its holdings in Teekay Tankers by 0.9% in the first quarter. BlackRock Inc. now owns 9,714,598 shares of the shipping company’s stock worth $11,561,000 after acquiring an additional 85,310 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in Teekay Tankers by 30.6% in the first quarter. Guggenheim Capital LLC now owns 1,837,326 shares of the shipping company’s stock worth $2,186,000 after acquiring an additional 430,659 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Teekay Tankers by 62.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,142,910 shares of the shipping company’s stock worth $1,600,000 after acquiring an additional 439,300 shares in the last quarter. Finally, Systematic Financial Management LP boosted its holdings in Teekay Tankers by 26.1% in the first quarter. Systematic Financial Management LP now owns 910,935 shares of the shipping company’s stock worth $1,084,000 after acquiring an additional 188,320 shares in the last quarter. 29.99% of the stock is owned by institutional investors and hedge funds.
Teekay Tankers Company Profile
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company operates through two segments, Conventional Tanker and Ship-To-Ship Transfer. It is involved in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers.
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