Teekay Tankers (NYSE:TNK) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Teekay Tankers (NYSE:TNK) from a hold rating to a buy rating in a report published on Saturday morning.

A number of other equities analysts have also recently weighed in on the stock. Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Evercore reaffirmed an “outperform” rating and set a $84.00 price target on shares of Teekay Tankers in a research note on Friday, February 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Finally, Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $77.00.

Teekay Tankers Stock Up 1.3%

NYSE:TNK opened at $75.37 on Friday. Teekay Tankers has a fifty-two week low of $38.00 and a fifty-two week high of $82.24. The stock has a market cap of $2.60 billion, a PE ratio of 7.47 and a beta of -0.28. The firm’s fifty day simple moving average is $72.22 and its 200-day simple moving average is $62.59.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The business had revenue of $258.27 million for the quarter, compared to analysts’ expectations of $179.70 million. During the same period in the prior year, the company posted $1.50 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. Equities analysts anticipate that Teekay Tankers will post 7.13 earnings per share for the current year.

Teekay Tankers Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNK. AQR Capital Management LLC lifted its holdings in Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company’s stock valued at $3,200,000 after purchasing an additional 43,258 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Teekay Tankers by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company’s stock valued at $546,000 after purchasing an additional 610 shares in the last quarter. Millennium Management LLC lifted its holdings in Teekay Tankers by 24.9% in the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company’s stock valued at $9,745,000 after purchasing an additional 50,815 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Teekay Tankers by 9.6% in the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company’s stock valued at $491,000 after purchasing an additional 1,035 shares in the last quarter. Finally, First Trust Advisors LP purchased a new position in Teekay Tankers in the 2nd quarter valued at about $224,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Company Profile

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.