Teekay Tankers (NYSE:TNK) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Teekay Tankers (NYSE:TNK) from a "hold" to a Buy rating, signaling increased analyst confidence in the stock.
• The consensus across analysts is a Buy with an average target price of $77.00 (2 Strong Buy, 3 Buy, 2 Hold).
• Teekay Tankers recently beat quarterly expectations with EPS of $2.80 vs. $2.71 and revenue of $258.3M vs. $179.7M; the stock trades near $75, has a market cap of ~$2.6B and a P/E of 7.47.

Teekay Tankers (NYSE:TNK - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Several other analysts have also issued reports on the company. DNB Markets lowered Teekay Tankers from a "buy" rating to a "hold" rating in a research note on Friday, February 20th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Teekay Tankers in a research report on Friday, March 27th. Zacks Research raised Teekay Tankers from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 4th. Evercore reissued an "outperform" rating and set a $84.00 price target on shares of Teekay Tankers in a research report on Friday, February 20th. Finally, Dnb Carnegie downgraded Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Teekay Tankers presently has a consensus rating of "Buy" and an average target price of $77.00.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $75.37 on Friday. Teekay Tankers has a one year low of $38.00 and a one year high of $82.24. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 7.47 and a beta of -0.28. The stock's 50-day moving average is $72.22 and its 200-day moving average is $62.51.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Thursday, February 19th. The shipping company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.09. Teekay Tankers had a return on equity of 12.60% and a net margin of 36.90%.The business had revenue of $258.27 million for the quarter, compared to analyst estimates of $179.70 million. During the same quarter in the prior year, the company posted $1.50 earnings per share. Teekay Tankers's revenue was down .3% on a year-over-year basis. On average, equities analysts expect that Teekay Tankers will post 7.13 EPS for the current year.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Teekay Tankers during the 4th quarter worth $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Teekay Tankers in the 4th quarter worth about $33,000. Leonteq Securities AG bought a new position in shares of Teekay Tankers in the 4th quarter worth about $34,000. State of Alaska Department of Revenue bought a new position in shares of Teekay Tankers in the 3rd quarter worth about $54,000. Finally, Aster Capital Management DIFC Ltd raised its position in shares of 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 acquiring an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.

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.

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