ValuEngine Downgrades Teekay Tankers Ltd. (NYSE:TNK) to Sell

TNK has been the topic of a number of other reports.

05/04/2016 - Seaport Global Securities began new coverage on Teekay Tankers Ltd. giving the company a "buy" rating. Finally, Bank of America Corporation reissued an "underperform" rating and issued a $1.80 price objective (down from $2.25) on shares of Teekay Tankers in a research note on Wednesday, May 17th. UBS AG reissued a "sell" rating and issued a $1.50 price target (down from $2.00) on shares of Teekay Tankers in a research note on Friday, June 9th.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Zacks Investment Research raised Teekay Tankers from a "hold" rating to a "buy" rating and set a $2.00 price target on the stock in a research note on Thursday.

Taking a broader look brokerage firms' analysts on the street with an expectant view have Teekay Tankers Ltd (NYSE:TNK) high price target of $3.5 and with a conservative view have low price target of $1.5.

"We believe our intended merger with Teekay Tankers Ltd, announced in the second quarter of 2017, is in the best interest of Tanker Investments' shareholders", said William Hung, TIL's CEO."As endorsed by a special committee formed to evaluate strategic opportunities on behalf of Tanker Investments' shareholders, this transaction provides long-term shareholders the opportunity to remain invested in the tanker space, as part of a larger tanker company with over 40 years of experience". The stock's market capitalization is 276.22M. The shipping company reported $0.04 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.06 by $0.02. Teekay Tankers had a return on equity of 4.58% and a net margin of 5.48%. The firm's revenue for the quarter was down 24.2% compared to the same quarter previous year. The business had revenue of $125.10 million during the quarter, compared to analyst estimates of $95.97 million. The same analysts see shares reaching $2.25 within the next year on a consensus basis.

Teekay Tankers Ltd. (TNK) exchanged hands at an unexpectedly high level of 2.23 million shares over the course of the day.

TRADEMARK VIOLATION WARNING: This piece was originally published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this piece of content on another website, it was copied illegally and reposted in violation of United States and global trademark and copyright legislation. The legal version of this report can be read at Parametric Portfolio Associates LLC boosted its position in Teekay Tankers by 19.0% in the first quarter.

The biggest institutional shareholders in Teekay Tankers Ltd. include Huber Capital Management LLC which owns 15 million shares in the company valued at $27.38 million. azValor Asset Management SGIIC is the second biggest holder with 7 million shares now valued at 13.96 million whilst Dimensional Fund Advisors, Inc. has 6 million shares valued at 12.07 million. American International Group Inc. raised its position in shares of Teekay Tankers by 7.0% in the first quarter. During the same period a year ago, the company earned $0.29 EPS. Teekay Tankers Ltd.'s P/E ratio is 9.82. CNA Financial Corp now owns 277,750 shares of the shipping company's stock worth $569,000 after buying an additional 20,400 shares during the last quarter. The analysts, on average, are forecasting a $58.41 price target, but the stock is already up 22.62% from its recent lows. Two Sigma Securities LLC now owns 51,750 shares of the shipping company's stock worth $106,000 after buying an additional 36,683 shares during the period. Grisanti Capital Management LLC now owns 90,000 shares of the shipping company's stock valued at $185,000 after buying an additional 29,900 shares in the last quarter.

02/21/2017 - Teekay Tankers Ltd. had its "neutral" rating reiterated by analysts at Credit Suisse.

01/11/2016 - Barclays began new coverage on Teekay Tankers Ltd. giving the company a "overweight" rating. The Company has two segments: conventional tanker and ship-to-ship transfer.

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