Teekay Tankers (NYSE:TNK) Stock Rating Lowered by StockNews.com

Teekay Tankers (NYSE:TNK) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

TNK has been the subject of a number of other research reports. Bank of America raised shares of Teekay Tankers from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $72.00 in a research report on Friday, January 19th. Evercore ISI reduced their target price on shares of Teekay Tankers from $77.00 to $73.00 and set an “outperform” rating on the stock in a report on Friday, February 23rd. Finally, Jefferies Financial Group increased their price target on Teekay Tankers from $70.00 to $76.00 and gave the company a “buy” rating in a report on Thursday.

Teekay Tankers Trading Down 0.8 %

NYSE:TNK traded down $0.56 during mid-day trading on Thursday, reaching $68.74. The company’s stock had a trading volume of 545,836 shares, compared to its average volume of 295,574. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.40 and a quick ratio of 4.02. The stock has a market cap of $2.36 billion, a P/E ratio of 4.86, a P/E/G ratio of 1.62 and a beta of -0.27. The company’s fifty day simple moving average is $57.70 and its two-hundred day simple moving average is $55.00. Teekay Tankers has a twelve month low of $35.00 and a twelve month high of $70.67.

Teekay Tankers (NYSE:TNK) last issued its earnings results on Thursday, February 22nd. The shipping company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.81). The firm had revenue of $194.46 million during the quarter, compared to analyst estimates of $219.93 million. Teekay Tankers had a net margin of 37.39% and a return on equity of 31.98%. On average, equities analysts predict that Teekay Tankers will post 14.25 EPS for the current year.

Hedge Funds Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNK. SG Americas Securities LLC grew its position in shares of Teekay Tankers by 1,167.5% during the fourth quarter. SG Americas Securities LLC now owns 51,003 shares of the shipping company’s stock worth $2,549,000 after buying an additional 46,979 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Teekay Tankers by 180.8% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 182,816 shares of the shipping company’s stock worth $7,611,000 after purchasing an additional 117,716 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Teekay Tankers by 666.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,495 shares of the shipping company’s stock valued at $62,000 after purchasing an additional 1,300 shares in the last quarter. Strs Ohio lifted its position in shares of Teekay Tankers by 55.2% during the fourth quarter. Strs Ohio now owns 14,900 shares of the shipping company’s stock worth $744,000 after purchasing an additional 5,300 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Teekay Tankers during the third quarter worth about $309,000. 52.67% of the stock is owned by hedge funds and other 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.