Wall Street Zen Downgrades Teekay Tankers (NYSE:TNK) to Buy

Key Points

• Wall Street Zen downgraded Teekay Tankers from “strong buy” to “buy,” while the broader analyst consensus is “hold” with an average target price of $77.
• Teekay Tankers shares rose 2.4% to open at $79.22, near their 12-month high of $83.99; the company reported quarterly EPS of $3.69 and analysts expect $13.75 in full-year EPS.
• Institutional investors own 52.67% of the company, with several funds increasing their stakes, while director David Schellenberg sold 7,031 shares in June.

Teekay Tankers (NYSE:TNK - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Sunday.

Several other equities research analysts have also recently weighed in on the company. Zacks Research cut Teekay Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Bank of America boosted their target price on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an "underperform" rating in a research report on Wednesday, May 20th. Weiss Ratings downgraded shares of Teekay Tankers from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 23rd. Finally, Evercore restated an "outperform" rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $77.00.

Teekay Tankers Stock Up 2.4%

Shares of NYSE:TNK opened at $79.22 on Friday. The business has a 50 day moving average price of $72.68 and a 200 day moving average price of $71.92. Teekay Tankers has a twelve month low of $41.77 and a twelve month high of $83.99. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 4.67 and a beta of -0.22.

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 (EPS) for the quarter. Teekay Tankers had a return on equity of 22.11% and a net margin of 51.35%. Analysts anticipate that Teekay Tankers will post 13.75 EPS for the current year.

Insider Activity at Teekay Tankers

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in Teekay Tankers by 107.2% in the 1st quarter. AQR Capital Management LLC now owns 83,626 shares of the shipping company's stock valued at $3,200,000 after buying an additional 43,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Teekay Tankers by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,263 shares of the shipping company's stock valued at $546,000 after buying an additional 610 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Teekay Tankers by 24.9% during the 1st quarter. Millennium Management LLC now owns 254,641 shares of the shipping company's stock worth $9,745,000 after acquiring an additional 50,815 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Teekay Tankers by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 11,765 shares of the shipping company's stock worth $491,000 after acquiring an additional 1,035 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Teekay Tankers during the 2nd quarter worth about $224,000. 52.67% of the stock is 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.

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