Teekay Tankers (NYSE:TNK) Receives 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. The brokerage currently has a $72.00 price objective on the shipping company’s stock.

A number of other brokerages also recently commented on TNK. Bank of America reduced their price objective on Teekay Tankers from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Fearnley Fonds upgraded Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Evercore ISI upped their price objective on shares of Teekay Tankers from $84.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.33.

Teekay Tankers Trading Down 2.1 %

NYSE:TNK opened at $46.68 on Thursday. The company has a market cap of $1.60 billion, a P/E ratio of 3.83, a P/E/G ratio of 1.28 and a beta of -0.32. Teekay Tankers has a twelve month low of $46.25 and a twelve month high of $74.20. The company’s 50-day moving average price is $55.34 and its 200-day moving average price is $61.15.

Teekay Tankers (NYSE:TNK) last released its earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). The business had revenue of $296.60 million during the quarter, compared to analysts’ expectations of $192.19 million. Teekay Tankers had a return on equity of 24.27% and a net margin of 35.44%. The company’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same period last year, the business earned $4.38 earnings per share. On average, analysts expect that Teekay Tankers will post 12.38 earnings per share for the current year.

Teekay Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be given a $0.25 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. Teekay Tankers’s payout ratio is currently 8.21%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC raised its stake in shares of Teekay Tankers by 41.3% in the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after acquiring an additional 273,530 shares during the period. SG Americas Securities LLC raised its position in Teekay Tankers by 485.2% in the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock valued at $17,435,000 after purchasing an additional 247,489 shares during the period. Renaissance Technologies LLC raised its position in Teekay Tankers by 20.9% in the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after purchasing an additional 123,500 shares during the period. American Century Companies Inc. lifted its stake in Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after purchasing an additional 93,788 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Teekay Tankers by 9.7% during the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock worth $52,815,000 after buying an additional 80,217 shares during the period. 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.