Teekay Tankers (NYSE:TNK) Lowered to Sell at Zacks Investment Research

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Teekay Tankers (NYSE:TNK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, June 21st.

According to Zacks, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. “

Other research analysts also recently issued reports about the company. DNB Markets raised Teekay Tankers from a “hold” rating to a “buy” rating in a report on Tuesday, March 6th. ValuEngine upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Morgan Stanley lowered their price objective on shares of Teekay Tankers from $1.30 to $1.10 and set an “equal weight” rating for the company in a research report on Wednesday, April 25th. UBS Group raised shares of Teekay Tankers from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $1.26 to $1.00 in a research note on Monday, February 26th. Finally, Wells Fargo & Co upgraded shares of Teekay Tankers from a “market perform” rating to an “outperform” rating in a research note on Monday, June 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $1.72.

NYSE TNK opened at $1.17 on Thursday. Teekay Tankers has a fifty-two week low of $0.96 and a fifty-two week high of $1.95. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.95.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, May 17th. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $88.47 million for the quarter, compared to analyst estimates of $83.84 million. Teekay Tankers had a negative return on equity of 5.24% and a negative net margin of 17.16%. The company’s quarterly revenue was down 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. research analysts expect that Teekay Tankers will post -0.32 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Huber Capital Management LLC boosted its position in Teekay Tankers by 13.0% in the fourth quarter. Huber Capital Management LLC now owns 16,259,924 shares of the shipping company’s stock valued at $22,764,000 after buying an additional 1,876,690 shares in the last quarter. BlackRock Inc. raised its stake in Teekay Tankers by 0.9% during the first quarter. BlackRock Inc. now owns 9,714,598 shares of the shipping company’s stock worth $11,561,000 after buying an additional 85,310 shares during the last quarter. Greywolf Capital Management LP bought a new position in Teekay Tankers during the fourth quarter worth $2,997,000. Guggenheim Capital LLC raised its stake in Teekay Tankers by 30.6% during the first quarter. Guggenheim Capital LLC now owns 1,837,326 shares of the shipping company’s stock worth $2,186,000 after buying an additional 430,659 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Teekay Tankers by 62.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,142,910 shares of the shipping company’s stock worth $1,600,000 after buying an additional 439,300 shares during the last quarter. 29.99% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company operates through two segments, Conventional Tanker and Ship-To-Ship Transfer. It is involved in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers.

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