Zacks: Brokerages Expect Teekay Tankers Ltd. (TNK) Will Announce Earnings of -$0.10 Per Share
Wall Street brokerages forecast that Teekay Tankers Ltd. (NYSE:TNK) will announce ($0.10) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Teekay Tankers’ earnings, with the highest EPS estimate coming in at ($0.07) and the lowest estimate coming in at ($0.18). Teekay Tankers reported earnings of ($0.01) per share during the same quarter last year, which suggests a negative year over year growth rate of 900%. The firm is expected to report its next quarterly earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Teekay Tankers will report full-year earnings of ($0.10) per share for the current fiscal year, with EPS estimates ranging from ($0.12) to ($0.06). For the next financial year, analysts forecast that the business will post earnings of $0.15 per share, with EPS estimates ranging from ($0.09) to $0.43. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that follow Teekay Tankers.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $89.40 million for the quarter, compared to analyst estimates of $80.68 million. Teekay Tankers had a positive return on equity of 0.39% and a negative net margin of 7.38%. The firm’s revenue for the quarter was down 36.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 earnings per share.
Several brokerages have commented on TNK. TheStreet downgraded Teekay Tankers from a “c” rating to a “d+” rating in a report on Thursday, August 3rd. ValuEngine downgraded Teekay Tankers from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, BidaskClub raised Teekay Tankers from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 2nd. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Teekay Tankers presently has a consensus rating of “Sell” and an average target price of $1.77.
Institutional investors have recently modified their holdings of the stock. Two Sigma Securities LLC increased its position in Teekay Tankers by 243.5% in the 1st 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 in the last quarter. Cubist Systematic Strategies LLC increased its position 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 valued at $100,000 after buying an additional 9,526 shares in the last quarter. Highbridge Capital Management LLC bought a new stake in Teekay Tankers in the 1st quarter valued at about $113,000. Voya Investment Management LLC increased its position 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 valued at $119,000 after buying an additional 13,167 shares in the last quarter. Finally, American International Group Inc. increased its position in Teekay Tankers by 7.0% in the 1st 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 in the last quarter. 39.87% of the stock is owned by institutional investors and hedge funds.
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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