Teekay Tankers Ltd. (NYSE:TNK) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Teekay Tankers Ltd. (NYSE:TNK) have earned a consensus rating of “Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $77.00.

A number of equities analysts have commented on TNK shares. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Evercore reissued an “outperform” rating and issued a $84.00 target price on shares of Teekay Tankers in a research note on Friday, February 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Monday, December 29th. Finally, Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds have recently made changes to their positions in TNK. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teekay Tankers during the 4th quarter valued at $28,000. Kemnay Advisory Services Inc. purchased a new stake in Teekay Tankers during the fourth quarter valued at about $33,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers during the fourth quarter valued at about $34,000. State of Alaska Department of Revenue purchased a new position in shares of Teekay Tankers in the third quarter worth about $54,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in shares of Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 1,032 shares during the last quarter. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Stock Down 3.0%

Teekay Tankers stock opened at $75.82 on Wednesday. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 7.51 and a beta of -0.32. The business has a 50-day simple moving average of $63.81 and a 200 day simple moving average of $57.73. Teekay Tankers has a 52 week low of $33.35 and a 52 week high of $82.24.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.09. The firm had revenue of $158.78 million during the quarter, compared to the consensus estimate of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the company posted $1.50 EPS. On average, research analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Monday, March 2nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.00 annualized dividend and a yield of 1.3%. Teekay Tankers’s dividend payout ratio is currently 9.91%.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.