Teekay Tankers Ltd. (NYSE:TNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, August 8th.
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. “
Several other analysts have also weighed in on the company. Bank of America Corporation reaffirmed an “underperform” rating and issued a $1.80 price objective (down from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. ValuEngine lowered Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub lowered Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. TheStreet lowered Teekay Tankers from a “c” rating to a “d+” rating in a research note on Thursday, August 3rd. Finally, UBS AG reaffirmed a “sell” rating and issued a $1.50 price objective (down from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $2.31.
Shares of Teekay Tankers (NYSE TNK) traded down 0.68% during midday trading on Tuesday, hitting $1.45. 1,831,599 shares of the stock traded hands. Teekay Tankers has a 1-year low of $1.44 and a 1-year high of $2.91. The stock has a 50 day moving average of $1.69 and a 200 day moving average of $1.99. The company’s market capitalization is $246.45 million.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). Teekay Tankers had a positive return on equity of 0.39% and a negative net margin of 7.38%. The company had revenue of $89.40 million for the quarter, compared to analysts’ expectations of $80.68 million. During the same quarter last year, the business earned $0.20 earnings per share. Teekay Tankers’s revenue was down 36.0% on a year-over-year basis. Equities research analysts predict that Teekay Tankers will post ($0.20) earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. Two Sigma Securities LLC raised its stake in shares of Teekay Tankers by 243.5% in the first quarter. Two Sigma Securities LLC now owns 51,750 shares of the shipping company’s stock worth $106,000 after buying an additional 36,683 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of Teekay Tankers by 21.8% in the second quarter. Cubist Systematic Strategies LLC now owns 53,279 shares of the shipping company’s stock worth $100,000 after buying an additional 9,526 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Teekay Tankers during the first quarter worth approximately $113,000. Voya Investment Management LLC raised its stake in shares of Teekay Tankers by 26.3% in the second quarter. Voya Investment Management LLC now owns 63,186 shares of the shipping company’s stock worth $119,000 after buying an additional 13,167 shares during the last quarter. Finally, American International Group Inc. raised its stake in shares of Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock worth $147,000 after buying an additional 4,720 shares during the last quarter. 40.58% of the stock is currently owned by hedge funds and other institutional investors.
Teekay Tankers Company Profile
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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