Teekay Tankers Ltd. (TNK) Receives Average Recommendation of “Buy” from Analysts
Shares of Teekay Tankers Ltd. (NYSE:TNK) have been assigned an average recommendation of “Buy” from the eight research firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $1.43.
Several research analysts recently weighed in on TNK shares. Wells Fargo & Co set a $1.00 price target on shares of Teekay Tankers and gave the stock a “buy” rating in a research report on Monday, November 19th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, November 30th. Zacks Investment Research upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating and set a $1.25 price target for the company in a research report on Wednesday, November 21st. ValuEngine upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Tuesday, November 27th. Finally, Jefferies Financial Group started coverage on shares of Teekay Tankers in a research report on Monday, October 1st. They set a “hold” rating and a $1.00 price target for the company.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TNK. Panagora Asset Management Inc. acquired a new position in shares of Teekay Tankers during the 3rd quarter worth about $134,000. JPMorgan Chase & Co. raised its position in shares of Teekay Tankers by 20.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 556,705 shares of the shipping company’s stock worth $550,000 after purchasing an additional 95,879 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Teekay Tankers during the 2nd quarter worth about $583,000. Bienville Capital Management LLC acquired a new position in shares of Teekay Tankers during the 2nd quarter worth about $1,026,000. Finally, Renaissance Technologies LLC raised its position in shares of Teekay Tankers by 51.6% during the 2nd quarter. Renaissance Technologies LLC now owns 2,203,510 shares of the shipping company’s stock worth $2,578,000 after purchasing an additional 750,400 shares during the last quarter. Hedge funds and other institutional investors own 26.08% of the company’s stock.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, November 15th. The shipping company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $92.87 million during the quarter, compared to the consensus estimate of $82.95 million. Teekay Tankers had a negative net margin of 10.61% and a negative return on equity of 7.71%. On average, equities research analysts forecast that Teekay Tankers will post -0.28 earnings per share for the current year.
About Teekay Tankers
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company operates through two segments, Conventional Tanker and Ship-To-Ship Transfer. It is involved in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers.
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