Teekay Tankers (NYSE:TNK) Lowered to Neutral Rating by Bank of America

Teekay Tankers (NYSE:TNK) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. They presently have a $51.00 target price on the shipping company’s stock, down from their prior target price of $57.00. Bank of America‘s price objective would suggest a potential upside of 9.25% from the company’s previous close.

A number of other equities research analysts also recently commented on TNK. Jefferies Financial Group reiterated a “buy” rating and issued a $72.00 target price on shares of Teekay Tankers in a research report on Thursday. StockNews.com assumed coverage on Teekay Tankers in a research report on Thursday, October 10th. They set a “hold” rating for the company. Evercore ISI boosted their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Fearnley Fonds upgraded shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.33.

Teekay Tankers Price Performance

Teekay Tankers stock opened at $46.68 on Friday. The firm’s 50 day moving average price is $55.34 and its 200-day moving average price is $61.15. Teekay Tankers has a 1 year low of $46.25 and a 1 year high of $74.20. The stock has a market cap of $1.60 billion, a P/E ratio of 3.83, a PEG ratio of 1.28 and a beta of -0.32.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.13). The company had revenue of $296.60 million during the quarter, compared to analysts’ expectations of $192.19 million. Teekay Tankers had a return on equity of 24.27% and a net margin of 35.44%. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.38 EPS. As a group, equities analysts expect that Teekay Tankers will post 12.38 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its stake in shares of Teekay Tankers by 41.3% during the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock worth $64,361,000 after purchasing an additional 273,530 shares during the period. SG Americas Securities LLC boosted its position in shares of Teekay Tankers by 485.2% during the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after buying an additional 247,489 shares during the period. Renaissance Technologies LLC grew its stake in shares of Teekay Tankers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after buying an additional 123,500 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Teekay Tankers by 15.0% in the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after buying an additional 93,788 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Teekay Tankers by 9.7% during the 3rd quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after acquiring an additional 80,217 shares during the last quarter. 52.67% of the stock is owned by hedge funds and other institutional investors.

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.