Teekay Tankers (NYSE:TNK) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Teekay Tankers from “buy” to “strong buy.” Analyst views remain mixed overall: MarketBeat reports an average “hold” rating and a $99.50 average price target.
• The tanker company reported quarterly EPS of $5.04, above the $4.86 consensus estimate, and revenue of $369.25 million versus expectations of $263.55 million.
• TNK shares opened at $89.51; the stock’s 52-week range is $50.94–$110.65, and its market capitalization is approximately $3.09 billion.

Teekay Tankers (NYSE:TNK - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

TNK has been the subject of a number of other reports. Bank of America reissued an "underperform" rating and issued a $83.00 price target (up from $78.00) on shares of Teekay Tankers in a report on Thursday. Evercore reaffirmed an "outperform" rating and set a $116.00 price objective on shares of Teekay Tankers in a research note on Tuesday, October 27th. Weiss Ratings raised Teekay Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Finally, Zacks Research cut Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $99.50.

Teekay Tankers Price Performance

Shares of TNK opened at $89.51 on Friday. The firm has a 50 day simple moving average of $96.98 and a 200-day simple moving average of $80.41. Teekay Tankers has a 1-year low of $50.94 and a 1-year high of $110.65. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 4.50 and a beta of -0.05.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Wednesday, November 11th. The shipping company reported $5.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.86 by $0.18. Teekay Tankers had a return on equity of 26.99% and a net margin of 53.76%. The firm had revenue of $369.25 million during the quarter, compared to the consensus estimate of $263.55 million. On average, equities analysts expect that Teekay Tankers will post 15.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,344 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $100.00, for a total transaction of $734,400.00. Following the transaction, the director owned 7,344 shares of the company's stock, valued at $734,400. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Heidi Locke Simon sold 741 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $90.00, for a total value of $66,690.00. Following the transaction, the director directly owned 4,000 shares in the company, valued at approximately $360,000. This represents a 15.63% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 14,561 shares of company stock valued at $1,380,350. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently made changes to their positions in TNK. Dimensional Fund Advisors LP raised its stake in Teekay Tankers by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company's stock worth $139,579,000 after purchasing an additional 68,437 shares during the period. NEOS Investment Management LLC grew its stake in shares of Teekay Tankers by 41.4% during the 2nd quarter. NEOS Investment Management LLC now owns 255,652 shares of the shipping company's stock valued at $16,584,000 after buying an additional 74,894 shares during the period. Mizuho Markets Americas LLC purchased a new stake in shares of Teekay Tankers during the 1st quarter valued at $18,330,000. Empowered Funds LLC grew its stake in shares of Teekay Tankers by 13.8% during the 3rd quarter. Empowered Funds LLC now owns 221,405 shares of the shipping company's stock valued at $21,490,000 after buying an additional 26,853 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Teekay Tankers by 367.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 217,493 shares of the shipping company's stock worth $15,947,000 after buying an additional 170,940 shares during the last quarter. Hedge funds and other institutional investors own 52.67% of the company's stock.

About Teekay Tankers

Teekay Tankers Ltd. is an international marine transportation company that owns and operates tankers carrying crude oil and refined petroleum products. Its fleet includes crude-oil vessels such as Aframax and Suezmax tankers, as well as product carriers. The company serves customers in the global energy industry, including oil companies and commodity traders. Its vessels transport petroleum by sea on routes around the world, with employment through a mix of spot voyages and longer-term charter arrangements.

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