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 research report issued to clients and investors on Monday,Zacks.com reports.

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

Teekay Tankers Stock Down 0.8%

Shares of NYSE:TNK opened at $51.80 on Monday. The stock has a market cap of $1.78 billion and a PE ratio of 6.44. The company's fifty day moving average is $45.80 and its 200 day moving average is $42.93. Teekay Tankers has a 52 week low of $33.35 and a 52 week high of $62.45.

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

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its stake in shares of Teekay Tankers by 85.9% in the second quarter. Osaic Holdings Inc. now owns 2,431 shares of the shipping company's stock worth $101,000 after buying an additional 1,123 shares in the last quarter. State of Wyoming bought a new position in shares of Teekay Tankers in the second quarter worth approximately $129,000. Hudson Bay Capital Management LP lifted its stake in shares of Teekay Tankers by 198.5% in the second quarter. Hudson Bay Capital Management LP now owns 72,607 shares of the shipping company's stock worth $3,029,000 after buying an additional 48,287 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Teekay Tankers by 46.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,194 shares of the shipping company's stock worth $133,000 after buying an additional 1,015 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in shares of Teekay Tankers by 12.6% in the second quarter. Tidal Investments LLC now owns 12,622 shares of the shipping company's stock worth $527,000 after buying an additional 1,416 shares in the last quarter. Institutional investors own 52.67% of the company's stock.

About Teekay Tankers

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.

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