Bank of America Cuts Teekay Tankers (NYSE:TNK) Price Target to $69.00

Teekay Tankers (NYSE:TNK) had its price objective reduced by Bank of America from $77.00 to $69.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the shipping company’s stock.

Several other brokerages have also recently issued reports on TNK. StockNews.com raised shares of Teekay Tankers from a hold rating to a buy rating in a research note on Friday, May 17th. Jefferies Financial Group reaffirmed a buy rating and set a $76.00 price objective on shares of Teekay Tankers in a report on Thursday, August 1st. Finally, Evercore ISI boosted their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd.

Teekay Tankers Stock Performance

Shares of Teekay Tankers stock opened at $57.85 on Tuesday. The company’s fifty day moving average is $63.96 and its two-hundred day moving average is $61.78. Teekay Tankers has a 1 year low of $37.20 and a 1 year high of $74.20. The company has a market capitalization of $1.98 billion, a P/E ratio of 4.09, 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 (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.13). Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The company had revenue of $296.60 million during the quarter, compared to analyst estimates of $192.19 million. During the same quarter last year, the firm earned $4.38 EPS. The business’s revenue was down 20.0% on a year-over-year basis. As a group, equities analysts expect that Teekay Tankers will post 13.33 earnings per share for the current year.

Teekay Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 12th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. Teekay Tankers’s payout ratio is 7.07%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Raymond James & Associates acquired a new stake in shares of Teekay Tankers during the fourth quarter valued at $566,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Teekay Tankers by 7.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,110 shares of the shipping company’s stock worth $555,000 after acquiring an additional 802 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Teekay Tankers during the 4th quarter worth $6,243,000. Simplicity Solutions LLC boosted its holdings in shares of Teekay Tankers by 3.6% during the fourth quarter. Simplicity Solutions LLC now owns 7,396 shares of the shipping company’s stock worth $370,000 after purchasing an additional 255 shares during the last quarter. Finally, Strs Ohio grew its position in shares of Teekay Tankers by 55.2% in the fourth quarter. Strs Ohio now owns 14,900 shares of the shipping company’s stock valued at $744,000 after purchasing an additional 5,300 shares during the period. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.