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

Key Points

• Zacks Research downgraded Teekay Tankers (NYSE:TNK) from a "strong-buy" to a "hold," reflecting a pullback in conviction from that firm.
• Analyst opinions are mixed—Evercore remains bullish with an $90 target while several firms cut ratings—but the MarketBeat consensus is a “Moderate Buy” with an average price target of $80.00.
• Teekay reported strong quarterly results (EPS $2.80 vs. $2.71 expected and a 36.9% net margin); the stock trades near $73.59 with a PE of 7.29 and 50-/200-day moving averages of $72.54/$63.01.

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

TNK has been the subject of a number of other reports. Evercore reiterated an "outperform" rating and issued a $90.00 price target on shares of Teekay Tankers in a research note on Tuesday. Wall Street Zen upgraded Teekay Tankers from a "hold" rating to a "buy" rating in a research note on Saturday. DNB Markets cut Teekay Tankers from a "buy" rating to a "hold" rating in a research note on Friday, February 20th. Weiss Ratings restated a "buy (b-)" rating on shares of Teekay Tankers in a research note on Friday, March 27th. Finally, Dnb Carnegie cut Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Teekay Tankers has a consensus rating of "Moderate Buy" and an average price target of $80.00.

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $73.59 on Monday. The stock has a 50-day moving average of $72.54 and a two-hundred day moving average of $63.01. Teekay Tankers has a one year low of $38.00 and a one year high of $82.24. The stock has a market cap of $2.54 billion, a PE ratio of 7.29 and a beta of -0.28.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The shipping company reported $2.80 EPS for the quarter, beating analysts' consensus estimates of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The company had revenue of $258.27 million during the quarter, compared to analysts' expectations of $179.70 million. During the same period last year, the business posted $1.50 earnings per share. The firm's revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts predict that Teekay Tankers will post 7.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teekay Tankers in the fourth quarter worth about $28,000. Kemnay Advisory Services Inc. acquired a new stake in Teekay Tankers during the fourth quarter worth about $33,000. Leonteq Securities AG acquired a new stake in Teekay Tankers during the fourth quarter worth about $34,000. Aster Capital Management DIFC Ltd grew its holdings in Teekay Tankers by 2,948.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company's stock worth $57,000 after acquiring an additional 1,032 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in Teekay Tankers during the third quarter worth about $54,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

About Teekay Tankers

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.