Jefferies Financial Group Reaffirms “Buy” Rating for Teekay Tankers (NYSE:TNK)

Teekay Tankers (NYSE:TNK)‘s stock had its “buy” rating reaffirmed by Jefferies Financial Group in a report released on Thursday, Benzinga reports. They presently have a $72.00 price objective on the shipping company’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 54.24% from the stock’s previous close.

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

Teekay Tankers Stock Performance

Teekay Tankers stock opened at $46.68 on Thursday. The firm’s 50-day moving average is $55.34 and its 200-day moving average is $61.15. Teekay Tankers has a 1 year low of $46.25 and a 1 year high of $74.20. The company has a market cap of $1.60 billion, a P/E ratio of 3.83, a PEG ratio of 1.28 and a beta of -0.32.

Teekay Tankers (NYSE:TNK) last posted its quarterly earnings results on Thursday, August 1st. The shipping company reported $3.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.13). Teekay Tankers had a return on equity of 24.27% and a net margin of 35.44%. The business had revenue of $296.60 million during the quarter, compared to the consensus estimate of $192.19 million. During the same quarter in the previous year, the business posted $4.38 earnings per share. The company’s quarterly revenue was down 20.0% compared to the same quarter last year. As a group, sell-side analysts predict that Teekay Tankers will post 12.38 earnings per share for the current year.

Hedge Funds Weigh In On Teekay Tankers

Several large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Teekay Tankers by 7.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,058 shares of the shipping company’s stock valued at $1,288,000 after purchasing an additional 1,567 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Teekay Tankers by 600.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 11,200 shares of the shipping company’s stock valued at $654,000 after purchasing an additional 9,600 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Teekay Tankers by 8.1% during the 1st quarter. Empowered Funds LLC now owns 139,392 shares of the shipping company’s stock valued at $8,142,000 after purchasing an additional 10,500 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Teekay Tankers by 485.2% during the 1st 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 in the last quarter. Finally, Significant Wealth Partners LLC bought a new position in shares of Teekay Tankers during the 1st quarter valued at about $386,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

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.