Teekay Tankers (NYSE:TNK) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Teekay Tankers (NYSE:TNK) in a report issued on Thursday. The brokerage issued a hold rating on the shipping company’s stock.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group reaffirmed a buy rating and set a $76.00 price target on shares of Teekay Tankers in a report on Thursday, August 1st. Bank of America dropped their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a buy rating on the stock in a report on Tuesday, August 13th. Evercore ISI raised their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Finally, Fearnley Fonds raised shares of Teekay Tankers to a strong-buy rating in a report on Friday, September 27th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Buy and an average price target of $76.67.

Teekay Tankers Stock Down 0.4 %

Shares of TNK opened at $59.05 on Thursday. The stock has a market capitalization of $2.03 billion, a P/E ratio of 4.60, a PEG ratio of 1.48 and a beta of -0.33. The firm has a fifty day simple moving average of $56.56 and a two-hundred day simple moving average of $61.82. Teekay Tankers has a twelve month low of $39.51 and a twelve month high of $74.20.

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). The business had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The firm’s revenue was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.38 earnings per share. Sell-side analysts expect that Teekay Tankers will post 13.33 EPS for the current fiscal year.

Teekay Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, August 12th. Teekay Tankers’s dividend payout ratio is presently 7.79%.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently bought and sold shares of the business. Bridgeway Capital Management LLC boosted its stake in Teekay Tankers by 4.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 300,892 shares of the shipping company’s stock worth $15,036,000 after buying an additional 11,605 shares during the period. Virtu Financial LLC acquired a new position in shares of Teekay Tankers during the fourth quarter valued at about $451,000. Tucker Asset Management LLC acquired a new position in shares of Teekay Tankers during the fourth quarter valued at about $38,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Teekay Tankers by 7.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company’s stock valued at $1,288,000 after acquiring an additional 1,567 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Teekay Tankers by 6.3% during the first quarter. Principal Financial Group Inc. now owns 881,364 shares of the shipping company’s stock valued at $51,480,000 after acquiring an additional 52,476 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.