Clarkson Capital Upgrades Teekay Tankers (NYSE:TNK) to “Strong-Buy”

Teekay Tankers (NYSE:TNK) was upgraded by analysts at Clarkson Capital to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Zacks Research raised shares of Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Teekay Tankers in a research report on Wednesday. Finally, Jefferies Financial Group reissued a “buy” rating and set a $55.00 price objective on shares of Teekay Tankers in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Teekay Tankers currently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

Teekay Tankers Price Performance

NYSE TNK opened at $49.20 on Wednesday. The firm’s fifty day moving average price is $49.48 and its 200 day moving average price is $45.09. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 6.11 and a beta of -0.07. Teekay Tankers has a 12 month low of $33.35 and a 12 month high of $59.64.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.18). The company had revenue of $154.23 million during the quarter, compared to analysts’ expectations of $162.67 million. Teekay Tankers had a net margin of 28.94% and a return on equity of 11.48%. During the same period last year, the business earned $3.11 earnings per share. As a group, sell-side analysts forecast that Teekay Tankers will post 7.13 earnings per share for the current year.

Institutional Trading of Teekay Tankers

Several hedge funds have recently made changes to their positions in TNK. GAMMA Investing LLC lifted its stake in shares of Teekay Tankers by 3,882.5% in the 1st quarter. GAMMA Investing LLC now owns 19,594 shares of the shipping company’s stock worth $750,000 after acquiring an additional 19,102 shares during the period. Integrated Advisors Network LLC acquired a new stake in shares of Teekay Tankers in the 1st quarter worth $213,000. Ritholtz Wealth Management acquired a new stake in shares of Teekay Tankers in the 1st quarter worth $202,000. Blue Trust Inc. lifted its stake in shares of Teekay Tankers by 49.3% in the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company’s stock worth $66,000 after acquiring an additional 568 shares during the period. Finally, Highland Capital Management LLC acquired a new stake in shares of Teekay Tankers in the 1st quarter worth $286,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

About Teekay Tankers

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.