Teekay Tankers Ltd. (NYSE:TNK) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $1.15, but opened at $1.13. Teekay Tankers shares last traded at $1.16, with a volume of 47568 shares changing hands.
The shipping company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $92.87 million during the quarter, compared to analyst estimates of $82.95 million. Teekay Tankers had a negative net margin of 13.20% and a negative return on equity of 7.43%.
A number of analysts have weighed in on the stock. ValuEngine upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Jefferies Financial Group assumed coverage on shares of Teekay Tankers in a research note on Monday, October 1st. They set a “hold” rating and a $1.00 price objective for the company. Finally, Wells Fargo & Co restated a “buy” rating on shares of Teekay Tankers in a research note on Thursday, August 23rd. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $1.58.
The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $281.98 million, a PE ratio of -10.45 and a beta of 1.47.
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About Teekay Tankers (NYSE:TNK)
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company operates through two segments, Conventional Tanker and Ship-To-Ship Transfer. It is involved in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers.
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