Zacks Investment Research upgraded shares of Teekay Tankers (NYSE:TNK) from a sell rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
A number of other analysts have also commented on the company. ValuEngine upgraded Teekay Tankers from a hold rating to a buy rating in a report on Thursday, June 21st. Wells Fargo & Co upgraded Teekay Tankers from a market perform rating to an outperform rating in a report on Monday, June 18th. Morgan Stanley boosted their price target on Teekay Tankers from $1.10 to $1.30 and gave the company an equal weight rating in a report on Wednesday, June 13th. Finally, DNB Markets upgraded Teekay Tankers from a hold rating to a buy rating in a report on Tuesday, March 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $1.72.
Shares of Teekay Tankers opened at $1.17 on Thursday, MarketBeat reports. The stock has a market capitalization of $314.21 million, a PE ratio of -10.64 and a beta of 2.00. Teekay Tankers has a one year low of $0.96 and a one year high of $1.95. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.74 and a current ratio of 0.74.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, May 17th. The shipping company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $88.47 million for the quarter, compared to analyst estimates of $83.84 million. Teekay Tankers had a negative return on equity of 5.24% and a negative net margin of 17.16%. The company’s quarterly revenue was down 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. analysts predict that Teekay Tankers will post -0.32 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mangrove Partners acquired a new position in Teekay Tankers during the fourth quarter worth approximately $133,000. MetLife Investment Advisors LLC acquired a new position in Teekay Tankers during the fourth quarter worth approximately $141,000. American International Group Inc. increased its position in Teekay Tankers by 67.6% during the fourth quarter. American International Group Inc. now owns 137,048 shares of the shipping company’s stock worth $192,000 after buying an additional 55,258 shares during the last quarter. Banco de Sabadell S.A acquired a new position in Teekay Tankers during the first quarter worth approximately $181,000. Finally, The Manufacturers Life Insurance Company increased its position in Teekay Tankers by 47.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 159,954 shares of the shipping company’s stock worth $224,000 after buying an additional 51,244 shares during the last quarter. Institutional investors and hedge funds own 29.99% of the company’s stock.
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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