Teekay Tankers (NYSE:TNK) Lowered to “Hold” Rating by Dnb Carnegie

Dnb Carnegie cut shares of Teekay Tankers (NYSE:TNK) from a strong-buy rating to a hold rating in a research note issued to investors on Friday,Zacks.com reports.

TNK has been the topic of a number of other reports. Weiss Ratings restated a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. DNB Markets downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday. Evercore restated an “outperform” rating and set a $84.00 price objective on shares of Teekay Tankers in a research note on Friday. Wall Street Zen downgraded shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Zacks Research upgraded Teekay Tankers from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Performance

Shares of NYSE TNK opened at $72.80 on Friday. The stock has a 50 day moving average price of $60.79 and a 200 day moving average price of $56.05. 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 52 week low of $33.35 and a 52 week high of $74.70.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, February 18th. The shipping company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.09. The firm had revenue of $158.78 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.50 EPS. As a group, research analysts forecast that Teekay Tankers will post 7.13 EPS for the current year.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, March 2nd will be paid a $0.25 dividend. The ex-dividend date 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 is 11.11%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors have recently made changes to their positions in TNK. Vident Advisory LLC acquired a new position in shares of Teekay Tankers in the fourth quarter valued at approximately $718,000. EP Wealth Advisors LLC acquired a new position in Teekay Tankers in the 4th quarter valued at $316,000. Empowered Funds LLC grew its holdings in Teekay Tankers by 5.4% in the 4th quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company’s stock valued at $8,449,000 after buying an additional 8,066 shares in the last quarter. XTX Topco Ltd bought a new position in Teekay Tankers during the 4th quarter worth $1,199,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Teekay Tankers during the fourth quarter worth $1,022,000. Institutional investors 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.