Teekay Tankers (NYSE:TNK) Rating Lowered to Neutral at 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 note issued to investors on Friday, Marketbeat Ratings reports.

TNK has been the topic of several other reports. StockNews.com began coverage on Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating for the company. Jefferies Financial Group reissued a “buy” rating and set a $72.00 price target on shares of Teekay Tankers in a report on Thursday. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Evercore ISI upped their price objective on Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teekay Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $75.33.

Teekay Tankers Stock Performance

Teekay Tankers stock traded down $0.95 during midday trading on Friday, reaching $46.73. 133,220 shares of the company were exchanged, compared to its average volume of 352,487. Teekay Tankers has a 1 year low of $46.25 and a 1 year high of $74.20. The firm’s 50-day simple moving average is $55.52 and its 200-day simple moving average is $61.22. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 3.84, a P/E/G ratio of 1.29 and a beta of -0.33.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The business had revenue of $296.60 million for the quarter, compared to analyst estimates of $192.19 million. Teekay Tankers had a net margin of 35.44% and a return on equity of 24.70%. The company’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period last year, the firm earned $4.38 earnings per share. On average, analysts forecast that Teekay Tankers will post 12.38 EPS for the current fiscal year.

Institutional Trading of Teekay Tankers

Several large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its stake in Teekay Tankers by 14.7% during the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after buying an additional 172 shares in the last quarter. Custom Index Systems LLC increased its holdings in shares of Teekay Tankers by 4.0% in the third quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company’s stock valued at $329,000 after purchasing an additional 216 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Teekay Tankers by 5.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock worth $322,000 after buying an additional 277 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Teekay Tankers by 8.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after buying an additional 323 shares during the last quarter. Finally, EntryPoint Capital LLC increased its stake in shares of Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after buying an additional 378 shares during the period. 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.