ValuEngine Downgrades Teekay Tankers (NYSE:TNK) to Sell

Teekay Tankers (NYSE:TNK) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Thursday, ValuEngine reports.

Separately, Zacks Investment Research downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Teekay Tankers currently has an average rating of “Hold” and an average target price of $1.13.

Shares of NYSE:TNK traded down $0.03 during mid-day trading on Thursday, hitting $1.11. 2,488,160 shares of the company traded hands, compared to its average volume of 1,050,671. The firm has a market capitalization of $330.33 million, a price-to-earnings ratio of -5.55 and a beta of 1.08. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.83 and a current ratio of 1.03. Teekay Tankers has a 52-week low of $0.87 and a 52-week high of $1.42. The stock’s 50 day moving average price is $1.23.

Teekay Tankers (NYSE:TNK) last announced its earnings results on Thursday, August 1st. The shipping company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $202.30 million for the quarter, compared to the consensus estimate of $102.98 million. Teekay Tankers had a negative return on equity of 1.91% and a negative net margin of 2.56%. The company’s revenue was up 17.8% on a year-over-year basis. During the same period last year, the business posted ($0.11) EPS.

A number of hedge funds have recently bought and sold shares of TNK. BNP Paribas Arbitrage SA increased its holdings in Teekay Tankers by 442.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 40,916 shares of the shipping company’s stock worth $40,000 after purchasing an additional 33,367 shares during the last quarter. SG Americas Securities LLC increased its holdings in Teekay Tankers by 75.2% during the 1st quarter. SG Americas Securities LLC now owns 64,778 shares of the shipping company’s stock worth $63,000 after purchasing an additional 27,804 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Teekay Tankers during the 2nd quarter worth approximately $129,000. Quinn Opportunity Partners LLC purchased a new stake in Teekay Tankers during the 1st quarter worth approximately $136,000. Finally, Chicago Equity Partners LLC purchased a new stake in Teekay Tankers during the 2nd quarter worth approximately $182,000. Institutional investors own 23.69% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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