Wall Street Zen Upgrades Teekay Tankers (NYSE:TNK) to “Buy”

Teekay Tankers (NYSE:TNK) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued reports about the stock. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Zacks Research raised shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Evercore reissued an “outperform” rating and set a $84.00 price target on shares of Teekay Tankers in a research report on Friday, February 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Finally, Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $77.00.

Teekay Tankers Trading Up 0.1%

TNK opened at $75.37 on Friday. The stock has a market capitalization of $2.60 billion, a P/E ratio of 7.47 and a beta of -0.28. Teekay Tankers has a 12 month low of $38.00 and a 12 month high of $82.24. The firm’s fifty day simple moving average is $72.22 and its 200 day simple moving average is $62.67.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, February 19th. The shipping company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.71 by $0.09. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The business had revenue of $258.27 million for the quarter, compared to analysts’ expectations of $179.70 million. During the same period in the previous year, the firm posted $1.50 EPS. The firm’s revenue was down .3% compared to the same quarter last year. On average, equities research analysts predict that Teekay Tankers will post 7.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC increased its stake in shares of Teekay Tankers by 56.9% during the 1st quarter. SG Americas Securities LLC now owns 18,251 shares of the shipping company’s stock worth $1,338,000 after purchasing an additional 6,617 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Teekay Tankers by 291.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,230 shares of the shipping company’s stock worth $66,000 after purchasing an additional 916 shares during the last quarter. Fearnley Asset Management AS acquired a new position in shares of Teekay Tankers during the 4th quarter worth about $17,890,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Teekay Tankers by 217.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,401 shares of the shipping company’s stock worth $75,000 after purchasing an additional 959 shares during the last quarter. Finally, Vident Advisory LLC acquired a new position in shares of Teekay Tankers during the 4th quarter worth about $718,000. 52.67% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

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.