Jefferies Financial Group Reaffirms “Buy” Rating for Teekay Tankers (NYSE:TNK)

Teekay Tankers (NYSE:TNKGet Free Report)‘s stock had its “buy” rating restated by equities research analysts at Jefferies Financial Group in a research report issued on Thursday, Benzinga reports. They currently have a $72.00 price objective on the shipping company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 50.34% from the company’s current price.

A number of other analysts have also issued reports on TNK. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America reduced their price objective on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, StockNews.com assumed coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating for the company. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Teekay Tankers currently has a consensus rating of “Buy” and an average price target of $75.33.

Get Our Latest Report on TNK

Teekay Tankers Stock Up 0.1 %

Shares of Teekay Tankers stock traded up $0.04 during trading on Thursday, hitting $47.89. 49,859 shares of the company were exchanged, compared to its average volume of 351,608. The firm has a 50 day moving average price of $55.66 and a 200 day moving average price of $61.32. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 3.38, a P/E/G ratio of 1.32 and a beta of -0.33. Teekay Tankers has a fifty-two week low of $46.25 and a fifty-two week high of $74.20.

Teekay Tankers (NYSE:TNKGet Free Report) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The company had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. During the same period in the previous year, the business earned $4.38 EPS. The firm’s revenue was down 20.0% on a year-over-year basis. Analysts predict that Teekay Tankers will post 12.65 earnings per share for the current year.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp boosted its stake in shares of Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the last quarter. Quarry LP bought a new position in Teekay Tankers during the 2nd quarter valued at $43,000. EntryPoint Capital LLC increased its position in shares of Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after purchasing an additional 378 shares during the last quarter. CWM LLC raised its stake in shares of Teekay Tankers by 96.8% in the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 482 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after purchasing an additional 172 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

(Get Free Report)

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.

Further Reading

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