Teekay Tankers (NYSE:TNK) Downgraded by StockNews.com

Posted by on Jun 20th, 2023

Teekay Tankers (NYSE:TNK – Get Rating) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other brokerages have also recently weighed in on TNK. Jefferies Financial Group lifted their target price on Teekay Tankers from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, February 23rd. TheStreet raised Teekay Tankers from a “c” rating to a “b” rating in a research report on Thursday, February 23rd.

Teekay Tankers Price Performance

Shares of Teekay Tankers stock opened at $37.88 on Tuesday. Teekay Tankers has a twelve month low of $14.90 and a twelve month high of $48.05. The stock has a market capitalization of $1.29 billion, a P/E ratio of 3.17, a PEG ratio of 0.94 and a beta of -0.14. The company has a current ratio of 2.79, a quick ratio of 2.42 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $39.19 and its 200 day moving average price is $37.05.

Teekay Tankers (NYSE:TNK – Get Rating) last issued its earnings results on Thursday, May 11th. The shipping company reported $5.13 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $1.48. Teekay Tankers had a return on equity of 39.74% and a net margin of 32.12%. The firm had revenue of $270.47 million for the quarter. As a group, research analysts anticipate that Teekay Tankers will post 13.46 earnings per share for the current year.

Hedge Funds Weigh In On Teekay Tankers

A number of hedge funds and other institutional investors have recently bought and sold shares of TNK. Dorsey Wright & Associates acquired a new position in Teekay Tankers in the fourth quarter valued at approximately $30,000. Fifth Third Bancorp acquired a new position in shares of Teekay Tankers during the first quarter worth approximately $42,000. FMR LLC boosted its position in shares of Teekay Tankers by 41.9% during the first quarter. FMR LLC now owns 1,019 shares of the shipping company’s stock worth $44,000 after buying an additional 301 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Teekay Tankers during the fourth quarter worth approximately $46,000. Finally, Ahrens Investment Partners LLC acquired a new position in shares of Teekay Tankers during the first quarter worth approximately $48,000. 28.74% of the stock is currently owned by institutional investors and hedge funds.

Teekay Tankers Company Profile

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Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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