Teekay Tankers (NYSE:TNK) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Teekay Tankers (NYSE:TNK) in a report published on Thursday. The firm issued a hold rating on the shipping company’s stock.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Bank of America cut their price objective on shares of Teekay Tankers from $77.00 to $69.00 and set a buy rating for the company in a research report on Tuesday, August 13th. Fearnley Fonds raised shares of Teekay Tankers to a strong-buy rating in a report on Friday, September 27th. Finally, Jefferies Financial Group reissued a buy rating and set a $76.00 price target on shares of Teekay Tankers in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Teekay Tankers presently has a consensus rating of Buy and a consensus target price of $76.67.

Teekay Tankers Stock Performance

NYSE TNK opened at $59.23 on Thursday. The firm’s fifty day moving average is $56.58 and its two-hundred day moving average is $61.87. Teekay Tankers has a one year low of $40.84 and a one year high of $74.20. The firm has a market cap of $2.03 billion, a PE ratio of 4.61, a P/E/G 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 (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The company had revenue of $296.60 million for the quarter, compared to analysts’ expectations of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The business’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $4.38 EPS. Research analysts predict that Teekay Tankers will post 13.33 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.69%. Teekay Tankers’s dividend payout ratio (DPR) is presently 7.79%.

Institutional Trading of Teekay Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in TNK. Dimensional Fund Advisors LP grew its position in 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 buying an additional 13,330 shares during the period. Acadian Asset Management LLC grew its holdings 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 worth $64,361,000 after acquiring an additional 273,530 shares during the period. Principal Financial Group Inc. increased its stake in Teekay Tankers by 6.3% in the 1st quarter. Principal Financial Group Inc. now owns 881,364 shares of the shipping company’s stock valued at $51,480,000 after purchasing an additional 52,476 shares in the last quarter. American Century Companies Inc. raised its holdings in Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after purchasing an additional 93,788 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Teekay Tankers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock worth $49,172,000 after purchasing an additional 123,500 shares during the last quarter. 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.