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

Teekay Tankers (NYSE:TNK) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. Bank of America boosted their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research report on Wednesday. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Evercore restated an “outperform” rating and issued a $86.00 price target on shares of Teekay Tankers in a research report on Friday, May 15th. Dnb Carnegie downgraded shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Teekay Tankers has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Stock Performance

Shares of NYSE TNK opened at $77.13 on Thursday. The company has a market capitalization of $2.66 billion, a P/E ratio of 6.27 and a beta of -0.21. Teekay Tankers has a 52-week low of $41.05 and a 52-week high of $83.99. The company’s 50 day moving average price is $74.65 and its 200-day moving average price is $66.47.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. Analysts forecast that Teekay Tankers will post 13.75 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Teekay Tankers during the fourth quarter worth $28,000. Kemnay Advisory Services Inc. acquired a new position in Teekay Tankers during the fourth quarter worth $33,000. Global Trust Asset Management LLC acquired a new position in Teekay Tankers during the first quarter worth $46,000. Leonteq Securities AG acquired a new position in Teekay Tankers during the fourth quarter worth $34,000. Finally, Aster Capital Management DIFC Ltd raised its holdings in Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after buying an additional 1,032 shares during the last quarter. Institutional investors and hedge funds 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.