Teekay Tankers (NYSE:TNK) Upgraded at Fearnley Fonds

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

A number of other analysts also recently commented on the company. Bank of America dropped their price objective on Teekay Tankers from $77.00 to $69.00 and set a buy rating on the stock in a research note on Tuesday, August 13th. Evercore ISI boosted their price objective on Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Jefferies Financial Group reissued a buy rating and issued a $76.00 price objective on shares of Teekay Tankers in a research note on Thursday, August 1st. Finally, StockNews.com downgraded Teekay Tankers from a buy rating to a hold rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Buy and an average price target of $76.67.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $58.25 on Friday. The business’s fifty day moving average price is $57.10 and its two-hundred day moving average price is $61.68. The company has a market capitalization of $2.00 billion, a P/E ratio of 4.12, a PEG ratio of 1.46 and a beta of -0.32. Teekay Tankers has a 1-year low of $37.20 and a 1-year high of $74.20.

Teekay Tankers (NYSE:TNK) last announced its 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). The business had revenue of $296.60 million for the quarter, compared to the consensus estimate of $192.19 million. Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The firm’s revenue was down 20.0% on a year-over-year basis. During the same period in the previous year, the firm earned $4.38 EPS. On average, research analysts expect that Teekay Tankers will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Monday, August 12th. Teekay Tankers’s dividend payout ratio (DPR) is presently 7.07%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Teekay Tankers by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,059,543 shares of the shipping company’s stock worth $141,723,000 after purchasing an additional 13,330 shares during the period. Acadian Asset Management LLC raised its position in shares of Teekay Tankers by 41.3% during the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after purchasing an additional 273,530 shares during the period. Principal Financial Group Inc. raised its position 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 worth $51,480,000 after purchasing an additional 52,476 shares during the period. American Century Companies Inc. grew its holdings in shares of Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock valued at $49,495,000 after buying an additional 93,788 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Teekay Tankers by 20.9% during the second 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 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.