Bank of America Reaffirms Underperform Rating for Teekay Tankers (NYSE:TNK)

Teekay Tankers (NYSE:TNK)‘s stock had its “underperform” rating reiterated by research analysts at Bank of America in a note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $46.00 price target on the shipping company’s stock, down from their previous price target of $51.00. Bank of America‘s target price indicates a potential upside of 2.63% from the stock’s previous close.

A number of other research firms have also weighed in on TNK. Evercore ISI increased their target price on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $72.00 price objective on shares of Teekay Tankers in a report on Thursday, October 31st. StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Finally, Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teekay Tankers presently has an average rating of “Moderate Buy” and a consensus price target of $63.67.

Teekay Tankers Stock Up 1.7 %

Shares of NYSE TNK opened at $44.82 on Wednesday. Teekay Tankers has a twelve month low of $43.49 and a twelve month high of $74.20. The firm has a market cap of $1.54 billion, a PE ratio of 3.68, a price-to-earnings-growth ratio of 1.28 and a beta of -0.32. The business has a fifty day simple moving average of $53.56 and a two-hundred day simple moving average of $60.43.

Hedge Funds Weigh In On Teekay Tankers

Large investors have recently made changes to their positions in the business. Fifth Third Bancorp boosted its position in shares of Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock worth $43,000 after purchasing an additional 456 shares in the last quarter. Quarry LP acquired a new stake in Teekay Tankers in the second quarter worth about $43,000. EntryPoint Capital LLC grew its stake in shares of Teekay Tankers by 76.5% during 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 during the last quarter. CWM LLC increased its holdings in shares of Teekay Tankers by 96.8% during the third quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 482 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Teekay Tankers by 14.7% in the 2nd quarter. Blue Trust Inc. now owns 1,341 shares of the shipping company’s stock valued at $92,000 after purchasing an additional 172 shares during the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

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.