Teekay Tankers (NYSE:TNK) Stock Rating Lowered by Zacks Research

Teekay Tankers (NYSE:TNK) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also commented on TNK. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Wednesday, June 24th. Evercore reissued an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a research report on Friday, May 15th. Bank of America raised their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, May 20th. Finally, Wall Street Zen downgraded shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

Teekay Tankers Price Performance

Shares of NYSE:TNK opened at $75.61 on Monday. The firm has a market capitalization of $2.61 billion, a PE ratio of 6.15 and a beta of -0.22. The business has a 50-day moving average of $72.78 and a two-hundred day moving average of $70.84. Teekay Tankers has a 12 month low of $41.77 and a 12 month high of $83.99.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 16.34% and a net margin of 42.60%. As a group, research analysts anticipate that Teekay Tankers will post 13.75 earnings per share for the current year.

Insider Activity at Teekay Tankers

In related news, Director David Schellenberg sold 7,031 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently bought and sold shares of TNK. AQR Capital Management LLC raised its stake in shares of Teekay Tankers by 107.2% during the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Teekay Tankers by 4.5% in the first 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 during the period. Millennium Management LLC boosted its stake in shares of Teekay Tankers by 24.9% in the first 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 during the period. Prudential Financial Inc. grew its holdings in Teekay Tankers by 9.6% during 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 acquired a new stake in Teekay Tankers during the 2nd quarter valued at $224,000. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.