Teekay Tankers (NYSE:TNK) Cut to “Hold” at Zacks Research

Teekay Tankers (NYSE:TNK) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research firms have also commented on TNK. Bank of America upped their price objective on Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Wall Street Zen cut Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. Finally, Evercore reissued an “outperform” rating and issued a $86.00 target price on shares of Teekay Tankers in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Teekay Tankers has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Stock Up 5.1%

Shares of NYSE:TNK opened at $75.61 on Monday. The stock has a market capitalization of $2.61 billion, a PE ratio of 6.15 and a beta of -0.22. The firm’s 50 day moving average price is $72.78 and its 200-day moving average price is $70.84. Teekay Tankers has a twelve month low of $41.77 and a twelve month high of $83.99.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share (EPS) for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. Analysts expect that Teekay Tankers will post 13.75 earnings per share for the current fiscal year.

Insider Activity at Teekay Tankers

In other news, Director David Schellenberg sold 7,031 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director directly owned 7,445 shares in the company, valued at $532,540.85. The trade was a 48.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNK. Ruffer LLP bought a new stake in shares of Teekay Tankers during the fourth quarter valued at approximately $3,738,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Teekay Tankers during the fourth quarter valued at $708,000. Fearnley Asset Management AS bought a new stake in Teekay Tankers in the 4th quarter valued at $17,890,000. Fox Run Management L.L.C. lifted its stake in Teekay Tankers by 42.6% in the 4th quarter. Fox Run Management L.L.C. now owns 27,332 shares of the shipping company’s stock worth $1,460,000 after purchasing an additional 8,170 shares in the last quarter. Finally, Marnell Management LLC purchased a new position in shares of Teekay Tankers during the fourth quarter valued at about $1,233,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.