Teekay Tankers Ltd. (NYSE:TNK) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Teekay Tankers Ltd. (NYSE:TNK) from a buy rating to a hold rating in a report issued 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. “
A number of other equities analysts also recently weighed in on the stock. Bank of America Corporation reissued an underperform rating and set a $1.80 target price (down previously from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. ValuEngine downgraded shares of Teekay Tankers from a buy rating to a hold rating in a research note on Friday, June 2nd. BidaskClub downgraded shares of Teekay Tankers from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. Finally, UBS AG reissued a sell rating and set a $1.50 target price (down previously from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $2.27.
Teekay Tankers (TNK) opened at 1.77 on Thursday. The firm has a market cap of $292.76 million, a price-to-earnings ratio of 10.47 and a beta of 2.24. Teekay Tankers has a one year low of $1.65 and a one year high of $3.12. The stock has a 50 day moving average of $1.77 and a 200 day moving average of $2.06.
Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, May 18th. The shipping company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by $0.02. Teekay Tankers had a return on equity of 4.58% and a net margin of 5.48%. The firm had revenue of $125.10 million for the quarter, compared to the consensus estimate of $95.97 million. During the same period in the prior year, the business earned $0.29 EPS. Teekay Tankers’s quarterly revenue was down 24.2% on a year-over-year basis. Equities research analysts predict that Teekay Tankers will post ($0.03) EPS for the current fiscal year.
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A number of large investors have recently bought and sold shares of the stock. Tudor Investment Corp Et Al bought a new stake in Teekay Tankers during the fourth quarter valued at $105,000. Two Sigma Securities LLC increased its stake in Teekay Tankers by 243.5% in the first quarter. Two Sigma Securities LLC now owns 51,750 shares of the shipping company’s stock valued at $106,000 after buying an additional 36,683 shares during the period. Highbridge Capital Management LLC bought a new stake in Teekay Tankers during the first quarter valued at $113,000. American International Group Inc. increased its stake in Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock valued at $147,000 after buying an additional 4,720 shares during the period. Finally, Loews Corp increased its stake in Teekay Tankers by 9.7% in the first quarter. Loews Corp now owns 74,790 shares of the shipping company’s stock valued at $153,000 after buying an additional 6,600 shares during the period. 41.81% of the stock is owned by hedge funds and other institutional investors.
Teekay Tankers Company Profile
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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