Teekay Tankers (TNK) Trading Up 7.8%

Teekay Tankers Ltd. (NYSE:TNK) shares were up 7.8% on Monday . The company traded as high as $1.12 and last traded at $1.11. Approximately 3,384,941 shares changed hands during mid-day trading, an increase of 160% from the average daily volume of 1,304,013 shares. The stock had previously closed at $1.03.

A number of research analysts recently weighed in on TNK shares. Wells Fargo & Co reaffirmed a “buy” rating on shares of Teekay Tankers in a research note on Thursday, August 23rd. Jefferies Financial Group started coverage on shares of Teekay Tankers in a research note on Monday, October 1st. They issued a “hold” rating and a $1.00 price target on the stock. Finally, ValuEngine lowered shares of Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $1.52.

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $276.61 million, a price-to-earnings ratio of -9.91 and a beta of 1.87.



Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, August 2nd. The shipping company reported ($0.11) earnings per share for the quarter, hitting the Zacks’ 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 business had revenue of $84.70 million for the quarter, compared to analyst estimates of $77.53 million. During the same period last year, the company posted ($0.04) EPS. The business’s revenue was down 5.3% on a year-over-year basis. Analysts anticipate that Teekay Tankers Ltd. will post -0.35 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNK. Wells Fargo & Company MN lifted its stake in Teekay Tankers by 41.4% in the 1st quarter. Wells Fargo & Company MN now owns 344,134 shares of the shipping company’s stock worth $409,000 after purchasing an additional 100,748 shares in the last quarter. BlackRock Inc. lifted its stake in Teekay Tankers by 0.9% in the 1st quarter. BlackRock Inc. now owns 9,714,598 shares of the shipping company’s stock worth $11,561,000 after purchasing an additional 85,310 shares in the last quarter. Guggenheim Capital LLC lifted its stake in Teekay Tankers by 30.6% in the 1st quarter. Guggenheim Capital LLC now owns 1,837,326 shares of the shipping company’s stock worth $2,186,000 after purchasing an additional 430,659 shares in the last quarter. Bienville Capital Management LLC acquired a new stake in shares of Teekay Tankers during the 2nd quarter worth approximately $1,026,000. Finally, Renaissance Technologies LLC increased its holdings 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 last quarter. 25.65% of the stock is currently owned by institutional investors and hedge funds.

About Teekay Tankers (NYSE:TNK)

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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