Teekay Tankers Ltd. (TNK) Receives Consensus Rating of “Hold” from Brokerages
Shares of Teekay Tankers Ltd. (NYSE:TNK) have been assigned a consensus rating of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $1.93.
TNK has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Teekay Tankers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Bank of America lowered their price target on shares of Teekay Tankers from $1.60 to $1.30 and set an “underperform” rating for the company in a report on Friday, November 10th. ValuEngine lowered shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Finally, Seaport Global Securities set a $3.00 price target on shares of Teekay Tankers and gave the company a “buy” rating in a report on Thursday, January 4th.
Hedge funds and other institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC raised its holdings in Teekay Tankers by 21.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 53,279 shares of the shipping company’s stock worth $100,000 after purchasing an additional 9,526 shares in the last quarter. Voya Investment Management LLC raised its holdings in Teekay Tankers by 26.3% in the 2nd quarter. Voya Investment Management LLC now owns 63,186 shares of the shipping company’s stock worth $119,000 after purchasing an additional 13,167 shares in the last quarter. Nationwide Fund Advisors raised its holdings in Teekay Tankers by 10.4% in the 2nd quarter. Nationwide Fund Advisors now owns 79,553 shares of the shipping company’s stock worth $150,000 after purchasing an additional 7,500 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Teekay Tankers by 16.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 107,413 shares of the shipping company’s stock worth $202,000 after purchasing an additional 15,304 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Teekay Tankers by 7.2% in the 2nd quarter. Rhumbline Advisers now owns 140,315 shares of the shipping company’s stock worth $264,000 after purchasing an additional 9,437 shares in the last quarter. Institutional investors and hedge funds own 28.37% of the company’s stock.
Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.02. Teekay Tankers had a negative net margin of 11.43% and a negative return on equity of 0.99%. The company had revenue of $91.20 million during the quarter, compared to analyst estimates of $68.67 million. During the same period in the prior year, the business posted ($0.01) EPS. The firm’s revenue was down 16.8% compared to the same quarter last year. research analysts predict that Teekay Tankers will post -0.15 EPS for the current fiscal year.
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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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