Evercore ISI Raises Teekay Tankers (NYSE:TNK) Price Target to $85.00

Teekay Tankers (NYSE:TNK) had its price objective lifted by Evercore ISI from $84.00 to $85.00 in a report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the shipping company’s stock.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group boosted their price target on Teekay Tankers from $70.00 to $76.00 and gave the company a buy rating in a research report on Thursday, May 9th. Bank of America boosted their price target on Teekay Tankers from $66.00 to $79.00 and gave the company a buy rating in a research report on Friday, May 10th. Finally, StockNews.com raised Teekay Tankers from a hold rating to a buy rating in a research report on Friday, May 17th.

Teekay Tankers Stock Down 2.1 %

Shares of NYSE:TNK opened at $62.86 on Tuesday. The business has a fifty day simple moving average of $68.28 and a 200-day simple moving average of $61.63. Teekay Tankers has a 52 week low of $37.20 and a 52 week high of $74.20. The company has a market cap of $2.15 billion, a P/E ratio of 4.45, a P/E/G ratio of 1.55 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, May 9th. The shipping company reported $3.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.70 by $0.16. Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The firm had revenue of $221.81 million during the quarter. Sell-side analysts expect that Teekay Tankers will post 13.78 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The business also recently announced a None dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were given a $2.25 dividend. This represents a dividend yield of 1.5%. The ex-dividend date was Monday, May 20th. Teekay Tankers’s payout ratio is 7.07%.

Institutional Investors Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp boosted its position in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after buying an additional 456 shares during the period. Tucker Asset Management LLC acquired a new position in shares of Teekay Tankers in the fourth quarter worth about $38,000. EntryPoint Capital LLC lifted its stake in shares of Teekay Tankers by 76.5% in the first quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after acquiring an additional 378 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Teekay Tankers by 14.7% in the second quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock worth $92,000 after acquiring an additional 172 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Teekay Tankers in the fourth quarter worth about $80,000. Hedge funds and other 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.