BidaskClub Downgrades Teekay Tankers Ltd. (NYSE:TNK) to Strong Sell
Teekay Tankers Ltd. (NYSE:TNK) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Sunday.
TNK has been the subject of a number of other reports. Zacks Investment Research upgraded Teekay Tankers from a “hold” rating to a “buy” rating and set a $1.75 price objective for the company in a report on Wednesday, July 19th. ValuEngine cut Teekay Tankers from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Bank of America Corporation reiterated an “underperform” rating and issued a $1.80 price objective (down from $2.25) on shares of Teekay Tankers in a report on Wednesday, May 17th. TheStreet cut Teekay Tankers from a “c” rating to a “d+” rating in a report on Thursday, August 3rd. Finally, UBS AG reiterated a “sell” rating and issued a $1.50 price objective (down from $2.00) on shares of Teekay Tankers in a report on Friday, June 9th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $2.31.
Shares of Teekay Tankers (NYSE TNK) opened at 1.53 on Friday. The firm’s market capitalization is $260.04 million. Teekay Tankers has a 52 week low of $1.53 and a 52 week high of $2.91. The stock’s 50 day moving average price is $1.74 and its 200-day moving average price is $2.02.
Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.04). Teekay Tankers had a negative return on equity of 16.38% and a negative net margin of 34.45%. The business had revenue of $89.40 million for the quarter, compared to analyst estimates of $80.68 million. During the same period in the prior year, the company earned $0.20 EPS. The company’s quarterly revenue was down 36.0% compared to the same quarter last year. Equities analysts predict that Teekay Tankers will post ($0.20) earnings per share for the current year.
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A number of large investors have recently modified their holdings of the stock. Huber Capital Management LLC boosted its stake in shares of 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 valued at $27,380,000 after buying an additional 1,602,809 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Teekay Tankers by 1,094.2% in the first quarter. California Public Employees Retirement System now owns 1,507,130 shares of the shipping company’s stock valued at $3,090,000 after buying an additional 1,380,930 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Teekay Tankers by 75.7% in the second quarter. Northern Trust Corp now owns 3,096,347 shares of the shipping company’s stock valued at $5,821,000 after buying an additional 1,334,417 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Teekay Tankers by 21.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,889,137 shares of the shipping company’s stock valued at $12,073,000 after buying an additional 1,042,375 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Teekay Tankers during the first quarter valued at $1,867,000. Institutional investors own 41.50% of the company’s stock.
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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