Bank of America Cuts Teekay Tankers (NYSE:TNK) Price Target to $69.00

Teekay Tankers (NYSE:TNK) had its price target trimmed by Bank of America from $77.00 to $69.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the shipping company’s stock.

TNK has been the subject of several other reports. StockNews.com upgraded Teekay Tankers from a hold rating to a buy rating in a research report on Friday, May 17th. Jefferies Financial Group reaffirmed a buy rating and set a $76.00 price target on shares of Teekay Tankers in a research report on Thursday, August 1st. Finally, Evercore ISI upped their price target on Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd.

Teekay Tankers Price Performance

Shares of TNK stock opened at $57.23 on Tuesday. The stock has a market cap of $1.96 billion, a PE ratio of 4.05, a price-to-earnings-growth ratio of 1.38 and a beta of -0.28. The stock has a 50-day moving average of $64.20 and a 200-day moving average of $61.79. Teekay Tankers has a one year low of $37.20 and a one year high of $74.20.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.13). Teekay Tankers had a net margin of 36.04% and a return on equity of 26.34%. The business had revenue of $296.60 million during the quarter, compared to analyst estimates of $192.19 million. During the same quarter in the prior year, the firm posted $4.38 earnings per share. Teekay Tankers’s revenue for the quarter was down 20.0% compared to the same quarter last year. As a group, research analysts anticipate that Teekay Tankers will post 13.33 earnings per share for the current year.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 12th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Monday, August 12th. Teekay Tankers’s dividend payout ratio (DPR) is currently 7.07%.

Institutional Investors Weigh In On Teekay Tankers

Large investors have recently made changes to their positions in the stock. Tucker Asset Management LLC acquired a new stake in shares of Teekay Tankers in the 4th quarter valued at approximately $38,000. Fifth Third Bancorp boosted its holdings in shares of Teekay Tankers by 266.7% in the 2nd quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after buying an additional 456 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Teekay Tankers by 76.5% in the 1st quarter. EntryPoint Capital LLC now owns 872 shares of the shipping company’s stock valued at $51,000 after buying an additional 378 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Teekay Tankers in 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 buying an additional 172 shares during the last quarter. Institutional investors and hedge funds 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.