Teekay Tankers (NYSE:TNK) Upgraded to “Strong-Buy” at Fearnley Fonds

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

Several other equities analysts have also recently commented on the company. Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a buy rating and issued a $76.00 price target on shares of Teekay Tankers in a report on Thursday, August 1st. StockNews.com cut Teekay Tankers from a buy rating to a hold rating in a report on Tuesday, August 13th. Finally, Bank of America cut their price target on Teekay Tankers from $77.00 to $69.00 and set a buy rating for the company in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $76.67.

Teekay Tankers Stock Down 0.1 %

Shares of NYSE:TNK opened at $58.25 on Friday. The business has a 50 day moving average price of $57.10 and a 200 day moving average price of $61.68. Teekay Tankers has a twelve month low of $37.20 and a twelve month high of $74.20. The company has a market cap 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 posted its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing the consensus estimate 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 36.04% and a return on equity of 26.34%. The company’s revenue was down 20.0% on a year-over-year basis. During the same period last year, the company earned $4.38 EPS. Analysts anticipate that Teekay Tankers will post 13.33 EPS for the current year.

Teekay Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend 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 presently 7.07%.

Hedge Funds Weigh In On Teekay Tankers

A number of hedge funds have recently modified their holdings of TNK. Blue Trust Inc. increased its holdings 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 purchasing an additional 172 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Teekay Tankers by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after purchasing an additional 323 shares in the last quarter. EntryPoint Capital LLC increased its holdings 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 purchasing an additional 378 shares in the last quarter. Fifth Third Bancorp increased its holdings in Teekay Tankers by 266.7% during the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after purchasing an additional 456 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Teekay Tankers by 2.3% during the 4th quarter. Franklin Resources Inc. now owns 23,661 shares of the shipping company’s stock valued at $1,182,000 after purchasing an additional 542 shares in the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

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.