Zacks: Brokerages Anticipate Teekay Tankers Ltd. (TNK) Will Announce Earnings of -$0.11 Per Share

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Equities research analysts expect Teekay Tankers Ltd. (NYSE:TNK) to announce ($0.11) earnings per share for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Teekay Tankers’ earnings, with estimates ranging from ($0.14) to ($0.08). Teekay Tankers reported earnings of ($0.08) per share during the same quarter last year, which indicates a negative year-over-year growth rate of 37.5%. The firm is scheduled to issue its next quarterly earnings report on Thursday, November 8th.

According to Zacks, analysts expect that Teekay Tankers will report full-year earnings of ($0.34) per share for the current fiscal year, with EPS estimates ranging from ($0.44) to ($0.29). For the next financial year, analysts anticipate that the business will report earnings of ($0.09) per share, with EPS estimates ranging from ($0.33) to $0.02. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Teekay Tankers.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 2nd. The shipping company reported ($0.11) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.11). Teekay Tankers had a negative net margin of 13.20% and a negative return on equity of 7.43%. The firm had revenue of $84.70 million during the quarter, compared to analysts’ expectations of $77.53 million. During the same period in the prior year, the company posted ($0.04) EPS. The company’s revenue was down 5.3% on a year-over-year basis.

Several brokerages have issued reports on TNK. Jefferies Financial Group began coverage on shares of Teekay Tankers in a research report on Monday, October 1st. They issued a “hold” rating and a $1.00 price target for the company. Wells Fargo & Co restated a “buy” rating on shares of Teekay Tankers in a research report on Thursday, August 23rd. ValuEngine cut shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, Zacks Investment Research upgraded shares of Teekay Tankers from a “sell” rating to a “hold” rating in a research report on Thursday, June 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $1.52.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in Teekay Tankers by 0.9% in the 1st quarter. BlackRock Inc. now owns 9,714,598 shares of the shipping company’s stock valued at $11,561,000 after acquiring an additional 85,310 shares during the period. Renaissance Technologies LLC increased its position in shares of Teekay Tankers by 51.6% during the second quarter. Renaissance Technologies LLC now owns 2,203,510 shares of the shipping company’s stock worth $2,578,000 after buying an additional 750,400 shares during the period. Guggenheim Capital LLC increased its position in shares of 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 period. Bienville Capital Management LLC acquired a new stake in shares of Teekay Tankers during the second quarter worth $1,026,000. Finally, Millennium Management LLC acquired a new stake in shares of Teekay Tankers during the second quarter worth $583,000. Hedge funds and other institutional investors own 25.72% of the company’s stock.

NYSE TNK traded down $0.03 on Friday, hitting $1.05. The company’s stock had a trading volume of 1,223,400 shares, compared to its average volume of 1,249,722. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.70 and a current ratio of 0.70. Teekay Tankers has a 1-year low of $0.94 and a 1-year high of $1.95. The stock has a market cap of $295.41 million, a P/E ratio of -9.55 and a beta of 1.87.

Teekay Tankers Company Profile

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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Earnings History and Estimates for Teekay Tankers (NYSE:TNK)

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