Teekay Tankers’ (TNK) Buy Rating Reiterated at Jefferies Financial Group

Teekay Tankers (NYSE:TNK)‘s stock had its “buy” rating restated by research analysts at Jefferies Financial Group in a research note issued to investors on Thursday, Benzinga reports. They presently have a $72.00 target price on the shipping company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 50.34% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com started coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating on the stock. Evercore ISI lifted their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Bank of America cut their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. 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 company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $75.33.

Teekay Tankers Stock Performance

Shares of NYSE TNK traded up $0.04 during midday trading on Thursday, hitting $47.89. The company’s stock had a trading volume of 49,859 shares, compared to its average volume of 351,608. The firm has a market cap of $1.64 billion, a P/E ratio of 3.38, a P/E/G ratio of 1.32 and a beta of -0.33. Teekay Tankers has a 1-year low of $46.25 and a 1-year high of $74.20. The firm’s fifty day moving average price is $55.66 and its 200-day moving average price is $61.32.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share 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 analyst estimates of $192.19 million. Teekay Tankers had a return on equity of 26.34% and a net margin of 36.04%. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.38 earnings per share. As a group, research analysts predict that Teekay Tankers will post 12.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Teekay Tankers

Several hedge funds have recently modified their holdings of the stock. US Bancorp DE acquired a new position in Teekay Tankers in the 3rd quarter worth approximately $231,000. Custom Index Systems LLC boosted its position in shares of Teekay Tankers by 4.0% in the third quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company’s stock worth $329,000 after buying an additional 216 shares during the period. Sequoia Financial Advisors LLC raised its position in Teekay Tankers by 5.3% during the third quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock valued at $322,000 after buying an additional 277 shares during the period. U S Global Investors Inc. lifted its stake in Teekay Tankers by 11.0% in the 3rd quarter. U S Global Investors Inc. now owns 4,897 shares of the shipping company’s stock worth $285,000 after acquiring an additional 486 shares in the last quarter. Finally, Shariaportfolio Inc. acquired a new stake in Teekay Tankers during the 3rd quarter worth about $3,498,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.