Teekay Tankers (NYSE:TNK) Lowered to “Hold” Rating by DNB Markets

DNB Markets lowered shares of Teekay Tankers (NYSE:TNK) from a buy rating to a hold rating in a research note released on Friday, Marketbeat reports.

Several other equities research analysts have also weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Wall Street Zen cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. Jefferies Financial Group lifted their target price on shares of Teekay Tankers from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, Evercore upped their price target on shares of Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $77.00.

Teekay Tankers Trading Down 1.5%

Shares of NYSE:TNK opened at $72.80 on Friday. The stock has a market capitalization of $2.51 billion, a PE ratio of 7.21 and a beta of -0.27. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $74.70. The firm has a fifty day moving average price of $60.79 and a 200 day moving average price of $56.05.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.09. The company had revenue of $158.78 million during the quarter, compared to analysts’ expectations of $179.70 million. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.50 earnings per share. On average, sell-side analysts forecast that Teekay Tankers will post 7.13 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, March 2nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers’s dividend payout ratio (DPR) is 11.11%.

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teekay Tankers during the 4th quarter worth approximately $28,000. Kemnay Advisory Services Inc. bought a new position in Teekay Tankers in the fourth quarter worth $33,000. Leonteq Securities AG acquired a new stake in Teekay Tankers during the fourth quarter worth $34,000. State of Alaska Department of Revenue acquired a new stake in Teekay Tankers during the third quarter worth $54,000. Finally, Aster Capital Management DIFC Ltd increased its holdings in Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock valued at $57,000 after buying an additional 1,032 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.