Teekay Tankers (NYSE:TNK) Price Target Raised to $70.00 at Jefferies Financial Group

Teekay Tankers (NYSE:TNK) had its target price lifted by Jefferies Financial Group from $66.00 to $70.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the shipping company’s stock.

A number of other research firms have also issued reports on TNK. Zacks Research upgraded Teekay Tankers from a “strong sell” rating to a “hold” rating in a research report on Monday, September 8th. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Evercore ISI upped their price target on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Teekay Tankers in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.67.

Teekay Tankers Stock Performance

Shares of TNK opened at $58.82 on Thursday. Teekay Tankers has a one year low of $33.35 and a one year high of $61.17. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 6.54 and a beta of -0.07. The stock has a 50 day moving average price of $52.44 and a 200 day moving average price of $46.94.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Wednesday, October 29th. The shipping company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.04. The business had revenue of $115.21 million during the quarter, compared to analyst estimates of $133.65 million. Teekay Tankers had a return on equity of 10.81% and a net margin of 32.87%.The business’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 earnings per share. On average, analysts predict that Teekay Tankers will post 7.13 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Monday, November 10th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, November 10th. Teekay Tankers’s dividend payout ratio is 11.11%.

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Teekay Tankers by 14.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,025 shares of the shipping company’s stock valued at $296,000 after purchasing an additional 755 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $402,000. Forum Financial Management LP acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $324,000. State of Alaska Department of Revenue acquired a new position in shares of Teekay Tankers in the 3rd quarter valued at $54,000. Finally, CWA Asset Management Group LLC lifted its stake in shares of Teekay Tankers by 7.6% in the 3rd quarter. CWA Asset Management Group LLC now owns 11,450 shares of the shipping company’s stock valued at $579,000 after purchasing an additional 812 shares during the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.