Jefferies Financial Group Reaffirms Buy Rating for Teekay Tankers (NYSE:TNK)

Teekay Tankers (NYSE:TNK - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Jefferies Financial Group in a research note issued on Thursday, Benzinga reports. They presently have a $72.00 price objective on the shipping company's stock. Jefferies Financial Group's price target suggests a potential upside of 50.91% from the company's previous close.

TNK has been the subject of several other research reports. Bank of America dropped 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, August 13th. Evercore ISI upped their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised shares of Teekay Tankers to a "strong-buy" rating in a research note on Friday, September 27th. Finally, StockNews.com started coverage on shares of Teekay Tankers in a research report on Thursday, October 10th. They set a "hold" rating for the company. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Teekay Tankers currently has a consensus rating of "Buy" and an average price target of $75.33.

Teekay Tankers Price Performance

TNK stock traded down $0.14 on Thursday, hitting $47.71. 454,612 shares of the company were exchanged, compared to its average volume of 353,527. Teekay Tankers has a twelve month low of $46.25 and a twelve month high of $74.20. The business's fifty day moving average is $55.66 and its two-hundred day moving average is $61.32. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 3.39, a price-to-earnings-growth ratio of 1.32 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 return on equity of 26.34% and a net margin of 36.04%. 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 EPS. The business's revenue for the quarter was down 20.0% on a year-over-year basis. Equities research analysts expect that Teekay Tankers will post 12.65 earnings per share for the current year.

Institutional Investors Weigh In On Teekay Tankers

Several institutional investors and hedge funds have recently modified their holdings of TNK. Acadian Asset Management LLC lifted its stake in shares of Teekay Tankers by 41.3% in the second quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company's stock worth $64,361,000 after acquiring an additional 273,530 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Teekay Tankers by 485.2% in the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company's stock worth $17,435,000 after acquiring an additional 247,489 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company's stock worth $49,172,000 after acquiring an additional 123,500 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company's stock worth $49,495,000 after acquiring an additional 93,788 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company's stock worth $52,815,000 after acquiring an additional 80,217 shares in the last quarter. Hedge funds and other institutional investors 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.