Brokerages expect Teekay Tankers Ltd. (NYSE:TNK) to post sales of $119.53 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Teekay Tankers’ earnings, with the highest sales estimate coming in at $126.81 million and the lowest estimate coming in at $111.18 million. Teekay Tankers reported sales of $105.23 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.6%. The firm is expected to report its next earnings report on Thursday, February 28th.
On average, analysts expect that Teekay Tankers will report full year sales of $401.88 million for the current financial year, with estimates ranging from $340.20 million to $542.63 million. For the next financial year, analysts forecast that the company will post sales of $435.63 million, with estimates ranging from $386.50 million to $471.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover Teekay Tankers.
Teekay Tankers (NYSE:TNK) last announced its quarterly earnings data on Thursday, November 15th. The shipping company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.04. Teekay Tankers had a negative return on equity of 7.71% and a negative net margin of 10.61%. The company had revenue of $92.87 million for the quarter, compared to analyst estimates of $82.95 million.
Several research firms recently commented on TNK. DNB Markets downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Friday, November 30th. ValuEngine upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Tuesday, November 27th. Wells Fargo & Co cut their target price on Teekay Tankers from $1.65 to $1.40 and set an “outperform” rating for the company in a research report on Tuesday, November 20th. Zacks Investment Research downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research report on Thursday, December 20th. Finally, Jefferies Financial Group began coverage on Teekay Tankers in a research report on Monday, October 1st. They set a “hold” rating and a $1.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $1.11.
Institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its position in shares of Teekay Tankers by 51.6% during the 2nd 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. Millennium Management LLC bought a new position in Teekay Tankers in the 2nd quarter valued at $583,000. JPMorgan Chase & Co. raised its position in Teekay Tankers by 20.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 556,705 shares of the shipping company’s stock valued at $550,000 after purchasing an additional 95,879 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Teekay Tankers in the 3rd quarter valued at $134,000. Finally, BlackRock Inc. raised its position in Teekay Tankers by 73.5% in the 3rd quarter. BlackRock Inc. now owns 16,771,399 shares of the shipping company’s stock valued at $16,567,000 after purchasing an additional 7,102,870 shares during the last quarter. Institutional investors and hedge funds own 25.84% of the company’s stock.
Shares of NYSE:TNK traded up $0.02 during trading on Wednesday, hitting $1.06. 852,374 shares of the stock were exchanged, compared to its average volume of 974,991. Teekay Tankers has a 1-year low of $0.87 and a 1-year high of $1.41. The firm has a market capitalization of $284.67 million, a PE ratio of -9.64 and a beta of 1.39. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.05.
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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