StockNews.com Upgrades Teekay Tankers (NYSE:TNK) to “Hold”

Teekay Tankers (NYSE:TNK – Get Rating) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

Several other equities research analysts have also issued reports on the stock. Clarkson Capital reaffirmed a “buy” rating on shares of Teekay Tankers in a research note on Tuesday, June 14th. Jefferies Financial Group boosted their target price on shares of Teekay Tankers from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday.

Teekay Tankers Stock Up 0.5 %

Shares of TNK stock traded up $0.12 on Friday, hitting $22.79. The company’s stock had a trading volume of 428,288 shares, compared to its average volume of 383,212. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.26 and a quick ratio of 0.92. Teekay Tankers has a fifty-two week low of $9.89 and a fifty-two week high of $23.52. The firm’s fifty day moving average price is $19.34 and its 200-day moving average price is $16.04. The stock has a market capitalization of $768.89 million, a price-to-earnings ratio of -3.28, a P/E/G ratio of 151.27 and a beta of -0.03.

Teekay Tankers (NYSE:TNK – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The shipping company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.43. Teekay Tankers had a negative net margin of 40.96% and a negative return on equity of 15.05%. The business had revenue of $242.40 million during the quarter, compared to analyst estimates of $109.04 million. During the same quarter in the previous year, the business earned ($1.23) EPS. Teekay Tankers’s quarterly revenue was up 96.4% compared to the same quarter last year. Research analysts anticipate that Teekay Tankers will post 0.05 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in Teekay Tankers by 54.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 35,314 shares of the shipping company’s stock worth $623,000 after acquiring an additional 12,491 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Teekay Tankers during the 2nd quarter worth about $528,000. Amalgamated Bank bought a new position in shares of Teekay Tankers during the 1st quarter worth about $40,000. Goldman Sachs Group Inc. bought a new position in shares of Teekay Tankers during the 1st quarter worth about $198,000. Finally, PDT Partners LLC bought a new position in shares of Teekay Tankers during the 1st quarter worth about $185,000. Institutional investors and hedge funds own 28.74% of the company’s stock.

About Teekay Tankers

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Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.