Zacks Investment Research lowered shares of Teekay Tankers Ltd. (NYSE:TNK) from a hold rating to a sell rating in a research note issued to investors on Thursday, October 5th.
According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “
Other research analysts also recently issued reports about the company. TheStreet downgraded Teekay Tankers from a c rating to a d+ rating in a research note on Thursday, August 3rd. BidaskClub upgraded Teekay Tankers from a strong sell rating to a sell rating in a research note on Wednesday, August 2nd. ValuEngine downgraded Teekay Tankers from a hold rating to a sell rating in a research note on Tuesday, August 1st. Finally, UBS AG reiterated a sell rating and set a $1.50 price target (down previously from $2.00) on shares of Teekay Tankers in a research report on Friday, June 9th. Five analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. The stock presently has an average rating of Sell and an average target price of $1.77.
Teekay Tankers (NYSE TNK) opened at 1.65 on Thursday. Teekay Tankers has a 52-week low of $1.37 and a 52-week high of $2.78. The firm’s 50-day moving average is $1.55 and its 200-day moving average is $1.76. The stock’s market cap is $295.68 million.
Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). The firm had revenue of $89.40 million during the quarter, compared to the consensus estimate of $80.68 million. Teekay Tankers had a positive return on equity of 0.39% and a negative net margin of 7.38%. The firm’s revenue was down 36.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS. Equities research analysts predict that Teekay Tankers will post ($0.03) earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC lifted its holdings in shares of Teekay Tankers by 21.8% in the second quarter. Cubist Systematic Strategies LLC now owns 53,279 shares of the shipping company’s stock valued at $100,000 after buying an additional 9,526 shares during the period. Two Sigma Securities LLC lifted its holdings in shares of Teekay Tankers by 243.5% in the first quarter. Two Sigma Securities LLC now owns 51,750 shares of the shipping company’s stock valued at $106,000 after buying an additional 36,683 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Teekay Tankers in the first quarter valued at $113,000. Voya Investment Management LLC lifted its holdings in shares of Teekay Tankers by 26.3% in the second quarter. Voya Investment Management LLC now owns 63,186 shares of the shipping company’s stock valued at $119,000 after buying an additional 13,167 shares during the period. Finally, American International Group Inc. lifted its holdings in shares of Teekay Tankers by 7.0% in the first quarter. American International Group Inc. now owns 71,726 shares of the shipping company’s stock valued at $147,000 after buying an additional 4,720 shares during the period. Institutional investors and hedge funds own 39.25% of the company’s stock.
About Teekay Tankers
Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts.
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