Teekay Tankers (NYSE:TNK) Downgraded to Strong Sell at ValuEngine

ValuEngine cut shares of Teekay Tankers (NYSE:TNK) from a sell rating to a strong sell rating in a report released on Tuesday, ValuEngine reports.

Several other research firms also recently weighed in on TNK. Zacks Investment Research upgraded shares of Teekay Tankers from a hold rating to a strong-buy rating and set a $12.00 price target for the company in a research report on Friday, October 4th. Jefferies Financial Group upgraded Teekay Tankers from a hold rating to a buy rating in a research note on Wednesday, October 23rd. Evercore ISI reissued a buy rating and set a $28.00 target price on shares of Teekay Tankers in a report on Sunday, November 17th. Finally, Bank of America raised Teekay Tankers from an underperform rating to a buy rating in a report on Wednesday, November 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $18.00.

Teekay Tankers stock opened at $19.42 on Tuesday. Teekay Tankers has a 12 month low of $6.96 and a 12 month high of $21.03. The stock has a market capitalization of $651.93 million, a PE ratio of -12.14, a price-to-earnings-growth ratio of 3.98 and a beta of 1.18. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.89 and a quick ratio of 0.71. The business has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $2.22.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, November 13th. The shipping company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.08. The firm had revenue of $182.30 million for the quarter, compared to analysts’ expectations of $95.10 million. Teekay Tankers had a negative net margin of 1.19% and a negative return on equity of 0.49%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.56) EPS. On average, equities research analysts anticipate that Teekay Tankers will post 1.58 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of TNK. Virtu Financial LLC lifted its stake in shares of Teekay Tankers by 12.9% in the third quarter. Virtu Financial LLC now owns 39,781 shares of the shipping company’s stock worth $52,000 after buying an additional 4,547 shares in the last quarter. State Street Corp grew its stake in Teekay Tankers by 0.4% during the 3rd quarter. State Street Corp now owns 3,450,920 shares of the shipping company’s stock valued at $4,486,000 after acquiring an additional 14,348 shares in the last quarter. CNA Financial Corp grew its stake in Teekay Tankers by 21.0% during the 3rd quarter. CNA Financial Corp now owns 210,850 shares of the shipping company’s stock valued at $274,000 after acquiring an additional 36,600 shares in the last quarter. Monarch Partners Asset Management LLC raised its holdings in Teekay Tankers by 13.4% in the 3rd quarter. Monarch Partners Asset Management LLC now owns 295,450 shares of the shipping company’s stock valued at $384,000 after acquiring an additional 35,020 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Teekay Tankers in the 3rd quarter valued at about $105,000. Institutional investors and hedge funds own 24.85% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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Analyst Recommendations for Teekay Tankers (NYSE:TNK)

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