Teekay Tankers (NYSE:TNK – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Sunday.
TNK has been the topic of several other research reports. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Evercore restated an “outperform” rating on shares of Teekay Tankers in a research note on Wednesday, July 22nd. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Finally, Weiss Ratings cut shares of Teekay Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Teekay Tankers presently has an average rating of “Hold” and an average target price of $77.00.
Get Our Latest Analysis on TNK
Teekay Tankers Trading Up 1.2%
Teekay Tankers (NYSE:TNK – Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. On average, equities research analysts predict that Teekay Tankers will post 13.75 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $71.53, for a total transaction of $502,927.43. Following the sale, the director directly owned 7,445 shares in the company, valued at $532,540.85. This trade represents a 48.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of Teekay Tankers by 3.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock worth $139,579,000 after purchasing an additional 68,437 shares during the period. Ameriprise Financial Inc. lifted its position in Teekay Tankers by 24.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after acquiring an additional 136,990 shares in the last quarter. Summit Street Capital Management LLC lifted its holdings in shares of Teekay Tankers by 14.4% in the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Teekay Tankers by 6.1% during the 4th quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after acquiring an additional 24,024 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Teekay Tankers by 0.8% during the fourth quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock valued at $21,359,000 after purchasing an additional 3,101 shares in the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.
Teekay Tankers Company Profile
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.
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