Teekay Tankers (NYSE:TNK) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of Teekay Tankers (NYSE:TNK) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Teekay Tankers in a research report on Friday, March 27th. DNB Markets cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 20th. Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday. Evercore reiterated an “outperform” rating and set a $90.00 price objective on shares of Teekay Tankers in a research report on Tuesday. Finally, Dnb Carnegie cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Teekay Tankers has a consensus rating of “Moderate Buy” and an average target price of $80.00.

Teekay Tankers Price Performance

TNK stock traded down $1.74 during trading on Monday, reaching $71.89. 126,793 shares of the company were exchanged, compared to its average volume of 535,347. The company has a 50-day moving average of $72.54 and a two-hundred day moving average of $63.01. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 7.12 and a beta of -0.28. Teekay Tankers has a twelve month low of $38.01 and a twelve month high of $82.24.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. The business had revenue of $258.27 million during the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 EPS. On average, analysts forecast that Teekay Tankers will post 7.3 EPS for the current year.

Teekay Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, March 2nd. Teekay Tankers’s payout ratio is presently 9.91%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in Teekay Tankers by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,835,312 shares of the shipping company’s stock worth $98,042,000 after acquiring an additional 36,199 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Teekay Tankers by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock valued at $54,461,000 after purchasing an additional 67,186 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of 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 purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC boosted its stake in shares of Teekay Tankers by 14.4% in the 3rd 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 during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Teekay Tankers by 6.1% in the 4th quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock valued at $22,302,000 after purchasing an additional 24,024 shares during the last quarter. 52.67% of the stock is owned by 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.