Wall Street Zen Upgrades Teekay Tankers (NYSE:TNK) to Buy

Teekay Tankers (NYSE:TNK) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

TNK has been the subject of a number of other reports. Jefferies Financial Group boosted their price target on shares of Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a report on Monday, December 29th. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Evercore ISI upped their price objective on shares of Teekay Tankers from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $65.00.

Teekay Tankers Price Performance

TNK opened at $64.57 on Friday. The company’s 50-day moving average is $57.07 and its 200 day moving average is $53.64. Teekay Tankers has a fifty-two week low of $33.35 and a fifty-two week high of $65.48. The firm has a market capitalization of $2.23 billion, a P/E ratio of 7.17 and a beta of -0.27.

Hedge Funds Weigh In On Teekay Tankers

A number of large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of Teekay Tankers by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,799,113 shares of the shipping company’s stock valued at $90,947,000 after buying an additional 35,131 shares during the period. American Century Companies Inc. grew its holdings in shares of Teekay Tankers by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after acquiring an additional 67,186 shares during the period. Ameriprise Financial Inc. raised its position in shares of Teekay Tankers by 24.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock worth $28,903,000 after acquiring an additional 136,990 shares in the last quarter. Summit Street Capital Management LLC lifted its stake in shares of Teekay Tankers by 14.4% in the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after purchasing an additional 63,125 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Teekay Tankers by 4.0% during the second quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock valued at $15,086,000 after purchasing an additional 14,052 shares in the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

About Teekay Tankers

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.