StockNews.com started coverage on shares of Teekay Tankers (NYSE:TNK – Get Rating) in a research note published on Thursday morning. The brokerage issued a buy rating on the shipping company’s stock.
TNK has been the subject of several other research reports. TheStreet upgraded shares of Teekay Tankers from a c rating to a b rating in a report on Thursday, February 23rd. Jefferies Financial Group lifted their price objective on shares of Teekay Tankers from $44.00 to $51.00 and gave the company a buy rating in a research note on Thursday, February 23rd. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $51.00.
Teekay Tankers Price Performance
NYSE:TNK opened at $40.94 on Thursday. The company has a quick ratio of 2.34, a current ratio of 2.70 and a debt-to-equity ratio of 0.44. Teekay Tankers has a 52 week low of $12.63 and a 52 week high of $48.05. The firm’s 50-day simple moving average is $36.47 and its 200 day simple moving average is $32.54.
Institutional Investors Weigh In On Teekay Tankers
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of Teekay Tankers by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,714,667 shares of the shipping company’s stock worth $52,827,000 after purchasing an additional 48,556 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Teekay Tankers by 35.3% during the third quarter. BlackRock Inc. now owns 1,675,406 shares of the shipping company’s stock valued at $46,140,000 after purchasing an additional 437,348 shares during the period. Millennium Management LLC boosted its stake in shares of Teekay Tankers by 16.0% during the fourth quarter. Millennium Management LLC now owns 1,016,716 shares of the shipping company’s stock valued at $31,325,000 after purchasing an additional 140,258 shares during the period. Morgan Stanley lifted its stake in Teekay Tankers by 15.5% in the fourth quarter. Morgan Stanley now owns 846,399 shares of the shipping company’s stock worth $26,078,000 after acquiring an additional 113,898 shares during the period. Finally, Marshall Wace LLP lifted its stake in Teekay Tankers by 61.9% in the fourth quarter. Marshall Wace LLP now owns 583,416 shares of the shipping company’s stock worth $17,975,000 after acquiring an additional 223,057 shares during the period. 28.74% of the stock is currently owned by institutional investors.
About Teekay Tankers
Teekay Tankers Ltd. engages in the provision of crude oil and refined petroleum products through the operation of its oil and product tankers. It operates through the Tanker and Ship-to-Ship (STS) Transfer segment. The Tanker segment includes the operations of all the tankers, including those employed on full service lightering contracts.
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