Evercore ISI Raises Teekay Tankers (NYSE:TNK) Price Target to $85.00

Teekay Tankers (NYSE:TNK) had its target price increased by Evercore ISI from $84.00 to $85.00 in a report published on Tuesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the shipping company’s stock.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group raised their price objective on Teekay Tankers from $70.00 to $76.00 and gave the company a buy rating in a research report on Thursday, May 9th. Bank of America raised their price target on Teekay Tankers from $66.00 to $79.00 and gave the stock a buy rating in a report on Friday, May 10th. Finally, StockNews.com raised Teekay Tankers from a hold rating to a buy rating in a report on Friday, May 17th.

Teekay Tankers Price Performance

Shares of TNK stock opened at $62.86 on Tuesday. Teekay Tankers has a 1-year low of $37.20 and a 1-year high of $74.20. The stock’s 50-day moving average is $68.28 and its 200 day moving average is $61.63. The company has a market cap of $2.15 billion, a P/E ratio of 4.45, a PEG ratio of 1.55 and a beta of -0.28.

Teekay Tankers (NYSE:TNK) last issued its quarterly earnings data on Thursday, May 9th. The shipping company reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.16. Teekay Tankers had a return on equity of 30.73% and a net margin of 37.39%. The company had revenue of $221.81 million for the quarter. On average, analysts anticipate that Teekay Tankers will post 13.78 EPS for the current year.

Teekay Tankers Announces Dividend

The company also recently announced a None dividend, which was paid on Friday, May 31st. Investors of record on Tuesday, May 21st were issued a dividend of $2.25 per share. This represents a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, May 20th. Teekay Tankers’s dividend payout ratio (DPR) is 7.07%.

Institutional Investors Weigh In On Teekay Tankers

A number of institutional investors and hedge funds have recently modified their holdings of TNK. SG Americas Securities LLC lifted its holdings in shares of Teekay Tankers by 485.2% during the first quarter. SG Americas Securities LLC now owns 298,492 shares of the shipping company’s stock worth $17,435,000 after purchasing an additional 247,489 shares during the period. Principal Financial Group Inc. increased its position in shares of Teekay Tankers by 38.8% in the fourth quarter. Principal Financial Group Inc. now owns 828,888 shares of the shipping company’s stock valued at $41,420,000 after buying an additional 231,921 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Teekay Tankers by 40.4% in the first quarter. Acadian Asset Management LLC now owns 662,122 shares of the shipping company’s stock valued at $38,659,000 after buying an additional 190,407 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $6,243,000. Finally, Glenorchy Capital Ltd purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $2,787,000. 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.