Teekay Tankers (NYSE:TNK) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Teekay Tankers (NYSE:TNK) from a buy rating to a hold rating in a report issued on Sunday morning.

Other equities research analysts also recently issued reports about the company. Evercore raised their price target on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Zacks Research raised Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Finally, Jefferies Financial Group increased their price objective on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.00.

Teekay Tankers Trading Up 3.6%

NYSE TNK opened at $66.73 on Friday. The company has a fifty day simple moving average of $57.71 and a 200 day simple moving average of $54.37. The company has a market cap of $2.30 billion, a P/E ratio of 7.41 and a beta of -0.27. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $67.20.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teekay Tankers during the fourth quarter worth $28,000. Leonteq Securities AG acquired a new position in shares of Teekay Tankers in the 4th quarter valued at $34,000. State of Alaska Department of Revenue bought a new position in shares of Teekay Tankers during the 3rd quarter worth about $54,000. Sunbelt Securities Inc. bought a new position in shares of Teekay Tankers during the 3rd quarter worth about $63,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Teekay Tankers by 10.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,827 shares of the shipping company’s stock valued at $98,000 after acquiring an additional 172 shares in the last quarter. 52.67% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.