Teekay Tankers (NYSE:TNK) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com began coverage on shares of Teekay Tankers (NYSE:TNK) in a report released on Thursday. The brokerage set a “hold” rating on the shipping company’s stock.

Several other equities research analysts have also commented on TNK. Evercore ISI boosted their price target 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. Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $76.00 price objective on shares of Teekay Tankers in a report on Thursday, August 1st. Finally, Bank of America reduced their target price 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 investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $76.67.

Teekay Tankers Trading Up 0.3 %

Shares of NYSE:TNK opened at $59.25 on Thursday. The company’s 50 day moving average is $56.58 and its 200 day moving average is $61.84. Teekay Tankers has a twelve month low of $40.84 and a twelve month high of $74.20. The company has a market cap of $2.03 billion, a PE ratio of 4.61, a price-to-earnings-growth ratio of 1.48 and a beta of -0.33.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results 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). 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 previous year, the company posted $4.38 EPS. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year. Equities research analysts predict that Teekay Tankers will post 13.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in shares of Teekay Tankers by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock worth $141,723,000 after acquiring an additional 13,330 shares during the period. Acadian Asset Management LLC grew its stake in shares of Teekay Tankers by 41.3% in the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after buying an additional 273,530 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Teekay Tankers by 6.3% during the 1st quarter. Principal Financial Group Inc. now owns 881,364 shares of the shipping company’s stock worth $51,480,000 after buying an additional 52,476 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Teekay Tankers by 15.0% during the 2nd quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after buying an additional 93,788 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Teekay Tankers by 20.9% during the 2nd quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after buying an additional 123,500 shares during the period. Institutional investors and hedge funds 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.