Clarkson Capital Upgrades Teekay Tankers (NYSE:TNK) to "Strong-Buy"

Key Points

• Analysts at Clarkson Capital have upgraded Teekay Tankers (NYSE:TNK) to a "strong-buy" rating, reflecting improved confidence in the company's performance.
• Teekay Tankers reported a missed EPS of $1.41 for the last quarter, falling short of the consensus estimate of $1.59, with a net margin of 28.94%.
• The stock has a consensus rating of "Moderate Buy" with an average target price of $50.67, while the current share price is around $49.20.

Teekay Tankers (NYSE:TNK - Get Free Report) was upgraded by analysts at Clarkson Capital to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages have also commented on TNK. Jefferies Financial Group restated a "buy" rating and issued a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Teekay Tankers in a research note on Wednesday. Finally, Zacks Research raised shares of Teekay Tankers from a "strong sell" rating to a "hold" rating in a research note on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Teekay Tankers has a consensus rating of "Moderate Buy" and an average target price of $50.67.

Teekay Tankers Stock Performance

Shares of TNK stock opened at $49.20 on Wednesday. The firm's 50 day moving average price is $49.48 and its 200-day moving average price is $45.09. Teekay Tankers has a one year low of $33.35 and a one year high of $59.64. The firm has a market cap of $1.69 billion, a P/E ratio of 6.11 and a beta of -0.07.

Teekay Tankers (NYSE:TNK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.The company had revenue of $154.23 million during the quarter, compared to analyst estimates of $162.67 million. During the same quarter in the prior year, the company posted $3.11 earnings per share. As a group, research analysts predict that Teekay Tankers will post 7.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Teekay Tankers

A number of large investors have recently modified their holdings of the company. TD Private Client Wealth LLC increased its position in shares of Teekay Tankers by 13.0% in the 2nd quarter. TD Private Client Wealth LLC now owns 2,084 shares of the shipping company's stock valued at $87,000 after purchasing an additional 240 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Teekay Tankers by 0.4% in the 1st quarter. Martingale Asset Management L P now owns 64,789 shares of the shipping company's stock valued at $2,479,000 after purchasing an additional 248 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Teekay Tankers by 0.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,123 shares of the shipping company's stock valued at $1,459,000 after purchasing an additional 285 shares during the last quarter. Raymond James Financial Inc. increased its position in shares of Teekay Tankers by 2.3% in the 2nd quarter. Raymond James Financial Inc. now owns 15,978 shares of the shipping company's stock valued at $667,000 after purchasing an additional 366 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Teekay Tankers by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 906 shares of the shipping company's stock valued at $38,000 after purchasing an additional 394 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.