Teekay Tankers (NYSE:TNK) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Teekay Tankers (NYSE:TNK) from a hold rating to a strong-buy rating in a report issued on Thursday morning,Zacks.com reports.

TNK has been the topic of several other research reports. Bank of America lifted their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday. Dnb Carnegie downgraded Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. DNB Markets downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen raised Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Teekay Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Teekay Tankers Price Performance

TNK opened at $77.13 on Thursday. The business’s 50-day moving average price is $74.65 and its two-hundred day moving average price is $66.47. Teekay Tankers has a 1 year low of $41.05 and a 1 year high of $83.99. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 6.27 and a beta of -0.21.

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

Teekay Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, May 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Teekay Tankers’s dividend payout ratio (DPR) is presently 8.13%.

Hedge Funds Weigh In On Teekay Tankers

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teekay Tankers in the 4th quarter valued at about $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Teekay Tankers in the 4th quarter valued at about $33,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers in the 4th quarter valued at about $34,000. Global Trust Asset Management LLC bought a new position in shares of Teekay Tankers in the 1st quarter valued at about $46,000. Finally, State of Alaska Department of Revenue bought a new position in shares of Teekay Tankers in the 3rd quarter valued at about $54,000. Institutional investors own 52.67% of the company’s stock.

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.