Teekay Tankers (NYSE:TNK) Upgraded by Fearnley Fonds to Strong-Buy

Fearnley Fonds upgraded shares of Teekay Tankers (NYSE:TNK) to a strong-buy rating in a research note released on Friday morning, Zacks.com reports.

A number of other research analysts have also issued reports on TNK. Bank of America cut their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a buy rating on the stock in a research note on Tuesday, August 13th. Jefferies Financial Group reissued a buy rating and issued a $76.00 target price on shares of Teekay Tankers in a research report on Thursday, August 1st. StockNews.com lowered Teekay Tankers from a buy rating to a hold rating in a research note on Tuesday, August 13th. Finally, Evercore ISI boosted their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Teekay Tankers presently has a consensus rating of Buy and a consensus price target of $76.67.

Teekay Tankers Price Performance

Teekay Tankers stock opened at $58.25 on Friday. Teekay Tankers has a 1-year low of $37.20 and a 1-year high of $74.20. The business has a fifty day moving average price of $57.10 and a 200-day moving average price of $61.68. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 4.12, a PEG ratio of 1.46 and a beta of -0.32.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.13). Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business had revenue of $296.60 million during the quarter, compared to analyst estimates of $192.19 million. During the same period in the prior year, the business posted $4.38 EPS. Teekay Tankers’s revenue was down 20.0% compared to the same quarter last year. On average, equities research analysts anticipate that Teekay Tankers will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.72%. Teekay Tankers’s payout ratio is currently 7.07%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. grew its position in Teekay Tankers by 2.3% during the 4th quarter. Franklin Resources Inc. now owns 23,661 shares of the shipping company’s stock worth $1,182,000 after purchasing an additional 542 shares during the period. Bridgeway Capital Management LLC raised its position 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 valued at $15,036,000 after acquiring an additional 11,605 shares in the last quarter. Virtu Financial LLC purchased a new position in Teekay Tankers during the fourth quarter valued at approximately $451,000. Tucker Asset Management LLC acquired a new position in Teekay Tankers in the fourth quarter valued at approximately $38,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Teekay Tankers by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company’s stock worth $1,288,000 after purchasing an additional 1,567 shares during the period. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.