Teekay Tankers (NYSE:TNK) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Teekay Tankers (NYSE:TNK) from a buy rating to a hold rating in a research report released on Tuesday morning.

Several other analysts have also recently commented on TNK. Bank of America decreased their price target on shares of Teekay Tankers from $77.00 to $69.00 and set a buy rating on the stock in a research note on Tuesday. Jefferies Financial Group reiterated a buy rating and issued a $76.00 price target on shares of Teekay Tankers in a research note on Thursday, August 1st. Finally, Evercore ISI boosted their price target on shares of Teekay Tankers from $84.00 to $85.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd.

Teekay Tankers Stock Performance

Shares of NYSE:TNK opened at $57.23 on Tuesday. The firm has a fifty day moving average price of $64.20 and a 200 day moving average price of $61.79. Teekay Tankers has a fifty-two week low of $37.20 and a fifty-two week high of $74.20. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 4.05, a P/E/G ratio of 1.38 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.13). The company 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 26.34% and a net margin of 36.04%. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.38 EPS. As a group, research analysts predict that Teekay Tankers will post 13.33 earnings per share for the current year.

Teekay Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders 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 dividend yield of 1.75%. Teekay Tankers’s dividend payout ratio (DPR) is presently 7.07%.

Institutional Trading of Teekay Tankers

A number of large investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its holdings in shares of Teekay Tankers by 6.5% in the 2nd quarter. AQR Capital Management LLC now owns 45,735 shares of the shipping company’s stock worth $3,147,000 after buying an additional 2,781 shares during the last quarter. Merewether Investment Management LP bought a new stake in shares of Teekay Tankers in the 2nd quarter worth about $3,832,000. Sei Investments Co. increased its holdings in shares of Teekay Tankers by 9.2% in the 2nd quarter. Sei Investments Co. now owns 79,243 shares of the shipping company’s stock worth $5,453,000 after buying an additional 6,652 shares during the last quarter. Kendall Capital Management grew its holdings in Teekay Tankers by 31.5% during the 2nd quarter. Kendall Capital Management now owns 13,310 shares of the shipping company’s stock valued at $916,000 after purchasing an additional 3,190 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in Teekay Tankers during the 2nd quarter valued at about $298,000. 52.67% of the stock is currently owned by institutional investors.

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.