Jefferies Financial Group Reiterates “Buy” Rating for Teekay Tankers (NYSE:TNK)

Teekay Tankers (NYSE:TNK)‘s stock had its “buy” rating reaffirmed by investment analysts at Jefferies Financial Group in a report issued on Thursday, Benzinga reports. They currently have a $72.00 price objective on the shipping company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 54.24% from the company’s previous close.

Several other brokerages have also commented on TNK. Evercore ISI upped their price target 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. Bank of America dropped their price objective on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com initiated coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Teekay Tankers presently has an average rating of “Moderate Buy” and a consensus target price of $69.33.

Teekay Tankers Price Performance

Shares of NYSE TNK opened at $46.68 on Thursday. The firm’s 50-day moving average is $55.34 and its two-hundred day moving average is $61.15. The company has a market capitalization of $1.60 billion, a PE ratio of 3.83, a price-to-earnings-growth ratio of 1.28 and a beta of -0.32. Teekay Tankers has a 12-month low of $46.25 and a 12-month high of $74.20.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The firm had revenue of $296.60 million during the quarter, compared to analyst estimates of $192.19 million. Teekay Tankers had a net margin of 35.44% and a return on equity of 24.27%. The business’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.38 EPS. On average, analysts forecast that Teekay Tankers will post 12.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after purchasing an additional 456 shares during the period. Quarry LP bought a new position in Teekay Tankers during the 2nd quarter valued at $43,000. EntryPoint Capital LLC boosted its stake in Teekay Tankers by 76.5% during the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after acquiring an additional 378 shares during the last quarter. CWM LLC boosted its stake in Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 482 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Teekay Tankers by 14.7% during the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock valued at $92,000 after acquiring an additional 172 shares during the last quarter. 52.67% of the stock is currently 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.