Teekay Tankers (NYSE:TNK) Earns Buy Rating from Jefferies Financial Group

Jefferies Financial Group restated their buy rating on shares of Teekay Tankers (NYSE:TNK) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $76.00 target price on the shipping company’s stock.

A number of other research firms have also recently commented on TNK. Bank of America upped their price target on shares of Teekay Tankers from $66.00 to $79.00 and gave the stock a buy rating in a report on Friday, May 10th. StockNews.com upgraded Teekay Tankers from a hold rating to a buy rating in a report on Friday, May 17th. Finally, Evercore ISI upped their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd.

Teekay Tankers Stock Performance

NYSE TNK traded down $3.21 on Thursday, hitting $54.88. 58,310 shares of the stock were exchanged, compared to its average volume of 371,926. Teekay Tankers has a 52-week low of $37.20 and a 52-week high of $74.20. The firm has a market capitalization of $1.88 billion, a P/E ratio of 4.11, a P/E/G ratio of 1.42 and a beta of -0.28. The stock has a fifty day moving average price of $67.19 and a two-hundred day moving average price of $62.03.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings results on Thursday, May 9th. The shipping company reported $3.86 EPS for the quarter, beating the consensus estimate of $3.70 by $0.16. Teekay Tankers had a net margin of 36.04% and a return on equity of 27.02%. The company had revenue of $221.81 million for the quarter. Sell-side analysts expect that Teekay Tankers will post 13.33 earnings per share for the current fiscal year.

Teekay Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 12th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. Teekay Tankers’s dividend payout ratio is presently 7.07%.

Institutional Trading of Teekay Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in TNK. Tucker Asset Management LLC purchased a new position in Teekay Tankers in the 4th quarter worth $38,000. Fifth Third Bancorp increased its holdings in 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 buying an additional 456 shares during the period. EntryPoint Capital LLC raised its position in Teekay Tankers by 76.5% during the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock worth $51,000 after buying an additional 378 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Teekay Tankers during the 4th quarter valued at approximately $80,000. Finally, Blue Trust Inc. boosted its holdings 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 acquiring an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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.