Teekay Tankers (NYSE:TNK) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Teekay Tankers from strong-buy to hold, adding to a mixed analyst picture that still leaves the stock with a Moderate Buy consensus and a $77 average price target.
• Teekay Tankers shares were up 5.1% to $75.61 on Monday, and the company’s recent financial metrics show a P/E of 6.15 with strong profitability, including a 42.6% net margin and 16.34% return on equity in its latest reported quarter.
• There was also notable insider activity: director David Schellenberg sold 7,031 shares in June, reducing his position by 48.57%, while institutional ownership remains significant at 52.67%.

Teekay Tankers (NYSE:TNK - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

TNK has been the topic of several other research reports. Evercore reissued an "outperform" rating and set a $86.00 price objective on shares of Teekay Tankers in a research note on Friday, May 15th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Teekay Tankers in a research note on Wednesday, June 24th. Wall Street Zen lowered shares of Teekay Tankers from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 20th. Finally, Bank of America boosted their price target on Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Teekay Tankers presently has an average rating of "Moderate Buy" and a consensus price target of $77.00.

Teekay Tankers Trading Up 5.1%

Shares of Teekay Tankers stock opened at $75.61 on Monday. The firm has a market capitalization of $2.61 billion, a P/E ratio of 6.15 and a beta of -0.22. The business has a fifty day simple moving average of $72.78 and a two-hundred day simple moving average of $70.84. Teekay Tankers has a 12 month low of $41.77 and a 12 month high of $83.99.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Tuesday, March 31st. The shipping company reported $3.69 earnings per share for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. Analysts predict that Teekay Tankers will post 13.75 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David Schellenberg sold 7,031 shares of Teekay Tankers stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $71.53, for a total value of $502,927.43. Following the completion of the sale, the director directly owned 7,445 shares in the company, valued at approximately $532,540.85. This trade represents a 48.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.90% of the company's stock.

Institutional Trading of Teekay Tankers

Large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $28,000. Kemnay Advisory Services Inc. purchased a new stake in Teekay Tankers in the fourth quarter worth approximately $33,000. Leonteq Securities AG purchased a new stake in Teekay Tankers in the fourth quarter worth approximately $34,000. Global Trust Asset Management LLC purchased a new stake in Teekay Tankers in the first quarter worth approximately $46,000. Finally, Aster Capital Management DIFC Ltd grew its position in Teekay Tankers by 2,948.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock worth $57,000 after purchasing an additional 1,032 shares during the period. 52.67% of the stock is currently owned by institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company's fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.