Teekay Tankers (NYSE:TNK) Raised to "Hold" at Zacks Research

Key Points

• Teekay Tankers has been upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, reflecting a change in sentiment towards the stock.
• Despite the upgrade, Teekay Tankers reported an EPS of $1.41 for the last quarter, missing analysts' estimates, which were set at $1.59.
• Institutional investors currently own 52.67% of Teekay Tankers' stock, indicating notable interest and investment in the company.

Teekay Tankers (NYSE:TNK - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday, September 8th,Zacks.com reports.

Separately, Jefferies Financial Group reaffirmed a "buy" rating and issued a $55.00 target price on shares of Teekay Tankers in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.67.

Teekay Tankers Stock Performance

Shares of Teekay Tankers stock traded up $3.38 during trading hours on Monday, reaching $55.48. 513,628 shares of the company were exchanged, compared to its average volume of 518,983. The firm has a market cap of $1.90 billion and a PE ratio of 6.89. Teekay Tankers has a 1 year low of $33.35 and a 1 year high of $62.45. The stock's fifty day moving average is $46.25 and its 200 day moving average is $43.21.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.18). The company had revenue of $154.23 million for the quarter, compared to analyst estimates of $162.67 million. Teekay Tankers had a return on equity of 11.48% and a net margin of 28.94%.During the same period in the previous year, the firm earned $3.11 earnings per share. Research analysts expect that Teekay Tankers will post 7.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. TD Private Client Wealth LLC lifted its position in Teekay Tankers by 13.0% in the second 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 period. Martingale Asset Management L P boosted its stake in shares of Teekay Tankers by 0.4% in the first quarter. Martingale Asset Management L P now owns 64,789 shares of the shipping company's stock valued at $2,479,000 after buying an additional 248 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Teekay Tankers by 0.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 38,123 shares of the shipping company's stock worth $1,459,000 after acquiring an additional 285 shares during the period. Raymond James Financial Inc. raised its position in Teekay Tankers by 2.3% in the second quarter. Raymond James Financial Inc. now owns 15,978 shares of the shipping company's stock worth $667,000 after acquiring an additional 366 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Teekay Tankers by 77.0% in the second quarter. GAMMA Investing LLC now owns 906 shares of the shipping company's stock valued at $38,000 after acquiring an additional 394 shares during the period. 52.67% of the stock is currently owned by institutional investors and hedge funds.

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.