Teekay Tankers (NYSE:TNK – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
Several other equities research analysts have also recently commented on TNK. Bank of America lowered their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a “buy” rating for the company in a research report on Tuesday. Evercore ISI lifted their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price target on shares of Teekay Tankers in a research note on Thursday, August 1st.
Check Out Our Latest Stock Report on TNK
Teekay Tankers Stock Performance
Teekay Tankers (NYSE:TNK – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.13). The firm had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. Teekay Tankers’s revenue was down 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.38 EPS. As a group, analysts expect that Teekay Tankers will post 13.33 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of TNK. Tucker Asset Management LLC acquired a new stake in Teekay Tankers in the fourth quarter worth $38,000. Fifth Third Bancorp raised its position in shares of Teekay Tankers by 266.7% during the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after buying an additional 378 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Teekay Tankers in the 4th quarter valued at about $80,000. Finally, Blue Trust Inc. boosted its position in Teekay Tankers by 14.7% during the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares during the last quarter. Institutional investors own 52.67% of the company’s stock.
About Teekay Tankers
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.
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