Analysts at Zacks Investment Research upgraded shares of Teekay Tankers Ltd. (NYSE: TNK) from Strong Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the shares. A number of other analysts have spoken on the stock in recent days, and Teekay Tankers Ltd. has secured a consensus one-year price target of $4.28, higher than the opening price of $2.49. Teekay Tankers Ltd. stock has a 52-week high of $8.53. Usually, after analysts issue an upgrade report on a stock, they will subsequently issue periodic revisions, often followed by a price target change.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Teekay Tankers Ltd. (NYSE: TNK) shares last traded at $2.50, which represents an increase of $0.03 compared to the previous closing price. Opening at $2.49, they ranged from $2.45 and $2.52 throughout the day.
Teekay Tankers Ltd. (NYSE: TNK) currently has a market cap of 390.75M.
The stock’s average daily volume is 1,562,880 shares out of a total float 115,455,000 and some 1,613,126 shares traded hands yesterday, above the average. Excessive volume accumulation by institutional investors may be on the horizon as the combination of large increases in trading volume and price inflation can be deciding components.
While increased trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive signal to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that research thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re researching.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more useful choices on trades.
With that in mind, Teekay Tankers Ltd. (NYSE: TNK) now has a 50-day MA of $2.72 and 200-day MA of $3.30. It has traded in a 52-week range between $2.45 – 8.53 and today’s last price is 0.71% lower than the 52 week high of $8.53.
Earnings growth is a critical factor to consider when investing in stocks and investors watch for companies that have grown their earnings at least 25% or more for 3 consecutive years.
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