StockNews.com Downgrades Teekay Tankers (NYSE:TNK) to Hold

Teekay Tankers (NYSE:TNK) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Other analysts also recently issued reports about the company. Jefferies Financial Group restated a “buy” rating and issued a $76.00 target price on shares of Teekay Tankers in a research note on Thursday, August 1st. Evercore ISI raised their target price on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Bank of America dropped their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday.

Teekay Tankers Trading Down 0.2 %

Shares of Teekay Tankers stock opened at $54.99 on Tuesday. The business has a 50-day moving average price of $64.48 and a two-hundred day moving average price of $61.82. Teekay Tankers has a 1-year low of $37.20 and a 1-year high of $74.20. The company has a market cap of $1.88 billion, a P/E ratio of 3.89, a PEG ratio of 1.38 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The business had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business’s revenue was down 20.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.38 earnings per share. Equities research analysts forecast that Teekay Tankers will post 13.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the business. Raymond James & Associates bought a new position in shares of Teekay Tankers during the 4th quarter worth approximately $566,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Teekay Tankers by 7.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,110 shares of the shipping company’s stock worth $555,000 after buying an additional 802 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Teekay Tankers during the 4th quarter worth approximately $6,243,000. Simplicity Solutions LLC lifted its position in shares of Teekay Tankers by 3.6% during the 4th quarter. Simplicity Solutions LLC now owns 7,396 shares of the shipping company’s stock worth $370,000 after buying an additional 255 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of Teekay Tankers by 55.2% during the 4th quarter. Strs Ohio now owns 14,900 shares of the shipping company’s stock worth $744,000 after buying an additional 5,300 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

About Teekay Tankers

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.