Teekay Tankers (NYSE:TNK) Rating Increased to Strong-Buy at Zacks Research

by · The Cerbat Gem

Teekay Tankers (NYSE:TNK – Get Free Report) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other research analysts also recently commented on the company. Clarkson Capital upgraded Teekay Tankers to a “strong-buy” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Monday, December 29th. Jefferies Financial Group raised their price target on Teekay Tankers from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Evercore ISI lifted their price objective on Teekay Tankers from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Wall Street Zen upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, Teekay Tankers presently has an average rating of “Buy” and an average target price of $65.00.

Read Our Latest Research Report on Teekay Tankers

Teekay Tankers Stock Performance

Shares of NYSE:TNK opened at $64.44 on Wednesday. The firm’s 50 day simple moving average is $57.53 and its 200-day simple moving average is $54.07. Teekay Tankers has a one year low of $33.35 and a one year high of $65.75. The firm has a market cap of $2.22 billion, a PE ratio of 7.16 and a beta of -0.27.

Institutional Investors Weigh In On Teekay Tankers

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Teekay Tankers by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,799,113 shares of the shipping company’s stock valued at $90,947,000 after purchasing an additional 35,131 shares in the last quarter. American Century Companies Inc. raised its holdings in Teekay Tankers by 6.7% in the third quarter. American Century Companies Inc. now owns 1,077,363 shares of the shipping company’s stock worth $54,461,000 after purchasing an additional 67,186 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Teekay Tankers by 24.6% during the second quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after buying an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC boosted its holdings in shares of Teekay Tankers by 14.4% in the 3rd quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after buying an additional 63,125 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Teekay Tankers by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 361,609 shares of the shipping company’s stock worth $15,086,000 after buying an additional 14,052 shares during the last quarter. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Company Profile

(Get Free Report)

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.

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