Teekay Tankers (NYSE:TNK) Rating Increased to Strong-Buy at Zacks Research

Teekay Tankers (NYSE:TNK) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

A number of other research firms have also weighed in on TNK. Dnb Carnegie lowered shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Teekay Tankers in a research note on Friday, March 27th. DNB Markets lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Wall Street Zen raised shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Finally, Evercore reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Price Performance

TNK opened at $77.13 on Thursday. Teekay Tankers has a fifty-two week low of $41.05 and a fifty-two week high of $83.99. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 6.27 and a beta of -0.21. The company’s 50 day moving average price is $74.65 and its two-hundred day moving average price is $66.47.

Teekay Tankers (NYSE:TNK) last posted its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. As a group, equities research analysts predict that Teekay Tankers will post 13.75 EPS for the current year.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors have recently modified their holdings of TNK. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teekay Tankers in the 4th quarter valued at $28,000. Kemnay Advisory Services Inc. bought a new position in Teekay Tankers during the fourth quarter worth $33,000. Leonteq Securities AG bought a new position in Teekay Tankers during the fourth quarter worth $34,000. Global Trust Asset Management LLC bought a new position in Teekay Tankers during the first quarter worth $46,000. Finally, State of Alaska Department of Revenue bought a new position in Teekay Tankers during the third quarter worth $54,000. 52.67% of the stock is owned by 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.