Bank of America lowered shares of Teekay Tankers (NYSE:TNK - Free Report) from a buy rating to a neutral rating in a research note published on Friday, Marketbeat Ratings reports. The brokerage currently has $51.00 price target on the shipping company's stock, down from their prior price target of $57.00.
Other analysts have also issued research reports about the company. StockNews.com started coverage on Teekay Tankers in a research note on Thursday, October 10th. They issued a "hold" rating on the stock. Evercore ISI upped their price objective on Teekay Tankers from $84.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday, July 23rd. Fearnley Fonds upgraded Teekay Tankers to a "strong-buy" rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $72.00 price objective on shares of Teekay Tankers in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Teekay Tankers currently has an average rating of "Moderate Buy" and a consensus price target of $69.33.
Check Out Our Latest Analysis on TNK
Teekay Tankers Trading Down 2.1 %
Shares of TNK stock traded down $1.00 on Friday, hitting $46.68. 949,084 shares of the stock were exchanged, compared to its average volume of 356,336. The business has a 50-day moving average of $55.52 and a 200 day moving average of $61.22. Teekay Tankers has a fifty-two week low of $46.25 and a fifty-two week high of $74.20. The firm has a market capitalization of $1.60 billion, a P/E ratio of 3.85, a price-to-earnings-growth ratio of 1.29 and a beta of -0.33.
Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.13). Teekay Tankers had a net margin of 35.44% and a return on equity of 24.70%. The company had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. During the same period last year, the company posted $4.38 earnings per share. The business's revenue for the quarter was down 20.0% on a year-over-year basis. As a group, research analysts forecast that Teekay Tankers will post 12.38 EPS for the current fiscal year.
Teekay Tankers Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. Teekay Tankers's dividend payout ratio (DPR) is currently 8.21%.
Hedge Funds Weigh In On Teekay Tankers
A number of large investors have recently made changes to their positions in TNK. Allspring Global Investments Holdings LLC increased its stake in Teekay Tankers by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company's stock worth $1,288,000 after acquiring an additional 1,567 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Teekay Tankers by 600.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 11,200 shares of the shipping company's stock valued at $654,000 after purchasing an additional 9,600 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Teekay Tankers by 8.1% in the 1st quarter. Empowered Funds LLC now owns 139,392 shares of the shipping company's stock valued at $8,142,000 after purchasing an additional 10,500 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Teekay Tankers by 485.2% in the 1st quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company's stock valued at $17,435,000 after purchasing an additional 247,489 shares in the last quarter. Finally, Significant Wealth Partners LLC acquired a new stake in shares of Teekay Tankers in the 1st quarter valued at $386,000. Institutional investors own 52.67% of the company's stock.
Teekay Tankers Company Profile
(
Get Free Report)
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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