Teekay Tankers (TNK) Price Target Cut to $1.10 by Analysts at Morgan Stanley

Teekay Tankers (NYSE:TNK) had its price objective decreased by research analysts at Morgan Stanley from $1.30 to $1.10 in a research report issued to clients and investors on Wednesday. The firm presently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s target price indicates a potential downside of 3.51% from the company’s current price.

TNK has been the topic of a number of other research reports. UBS raised Teekay Tankers from a “sell” rating to a “neutral” rating and dropped their target price for the company from $1.26 to $1.00 in a research report on Monday, February 26th. DNB Markets raised Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Tuesday, March 6th. ValuEngine lowered Teekay Tankers from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Seaport Global Securities set a $3.00 target price on Teekay Tankers and gave the company a “buy” rating in a research report on Thursday, January 4th. Finally, Zacks Investment Research raised Teekay Tankers from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $1.68.

Shares of NYSE TNK traded up $0.01 during mid-day trading on Wednesday, reaching $1.14. 160,004 shares of the company’s stock were exchanged, compared to its average volume of 1,147,394. Teekay Tankers has a twelve month low of $1.08 and a twelve month high of $2.20. The firm has a market cap of $216.83, a P/E ratio of -10.36 and a beta of 2.02. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.75 and a quick ratio of 0.67.



Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, February 22nd. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.03. Teekay Tankers had a negative return on equity of 2.16% and a negative net margin of 13.78%. The business had revenue of $105.20 million for the quarter, compared to analyst estimates of $87.10 million. During the same quarter last year, the firm earned $0.03 EPS. Teekay Tankers’s revenue for the quarter was down 14.6% compared to the same quarter last year. equities analysts anticipate that Teekay Tankers will post -0.19 EPS for the current year.

A number of hedge funds have recently bought and sold shares of TNK. Vanguard Group Inc. grew its stake in Teekay Tankers by 6.6% in the second quarter. Vanguard Group Inc. now owns 287,429 shares of the shipping company’s stock valued at $540,000 after purchasing an additional 17,907 shares in the last quarter. Wells Fargo & Company MN grew its stake in Teekay Tankers by 41.5% in the third quarter. Wells Fargo & Company MN now owns 336,234 shares of the shipping company’s stock valued at $545,000 after purchasing an additional 98,673 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Teekay Tankers by 92.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 349,000 shares of the shipping company’s stock valued at $489,000 after purchasing an additional 168,000 shares in the last quarter. CNA Financial Corp grew its stake in Teekay Tankers by 26.0% in the fourth quarter. CNA Financial Corp now owns 418,650 shares of the shipping company’s stock valued at $586,000 after purchasing an additional 86,300 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Teekay Tankers by 47.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 159,954 shares of the shipping company’s stock valued at $224,000 after purchasing an additional 51,244 shares in the last quarter. Hedge funds and other institutional investors own 47.01% of the company’s stock.

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Teekay Tankers Company Profile

Teekay Tankers Ltd. engages in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. The company also provides ship-to-ship transfer services, including lightering and lightering support, consultancy, and LNG terminal management services.

Analyst Recommendations for Teekay Tankers (NYSE:TNK)

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