Wall Street brokerages predict that Teekay Tankers Ltd. (NYSE:TNK) will report $92.34 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Teekay Tankers’ earnings. The highest sales estimate is $103.70 million and the lowest is $78.33 million. Teekay Tankers posted sales of $108.79 million during the same quarter last year, which suggests a negative year-over-year growth rate of 15.1%. The firm is scheduled to issue its next earnings report on Thursday, August 2nd.
According to Zacks, analysts expect that Teekay Tankers will report full-year sales of $373.96 million for the current year, with estimates ranging from $327.10 million to $411.00 million. For the next year, analysts expect that the company will post sales of $446.77 million per share, with estimates ranging from $408.16 million to $503.40 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Teekay Tankers.
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Teekay Tankers (NYSE:TNK) last issued its earnings results on Thursday, May 17th. The shipping company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $88.47 million during the quarter, compared to analyst estimates of $83.84 million. Teekay Tankers had a negative return on equity of 5.32% and a negative net margin of 17.16%. Teekay Tankers’s revenue was down 17.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share.
A number of analysts have weighed in on TNK shares. DNB Markets upgraded Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Tuesday, March 6th. Morgan Stanley lowered their price target on Teekay Tankers from $2.00 to $1.30 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. ValuEngine cut Teekay Tankers from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded Teekay Tankers from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. Finally, UBS upgraded Teekay Tankers from a “sell” rating to a “neutral” rating and lowered their price target for the company from $1.26 to $1.00 in a research report on Monday, February 26th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Teekay Tankers has a consensus rating of “Hold” and an average target price of $1.68.
Shares of NYSE TNK traded down $0.04 during trading hours on Friday, reaching $1.05. The stock had a trading volume of 2,363,208 shares, compared to its average volume of 791,247. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $292.73 million, a price-to-earnings ratio of -9.55 and a beta of 2.04. Teekay Tankers has a twelve month low of $1.04 and a twelve month high of $2.20.
A number of large investors have recently made changes to their positions in TNK. Wells Fargo & Company MN grew its position in Teekay Tankers by 41.5% in the third quarter. Wells Fargo & Company MN now owns 336,234 shares of the shipping company’s stock valued at $545,000 after acquiring an additional 98,673 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of Teekay Tankers by 92.8% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 349,000 shares of the shipping company’s stock worth $489,000 after purchasing an additional 168,000 shares during the last quarter. CNA Financial Corp grew its holdings in shares of Teekay Tankers by 26.0% during the fourth quarter. CNA Financial Corp now owns 418,650 shares of the shipping company’s stock worth $586,000 after purchasing an additional 86,300 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Teekay Tankers by 47.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 159,954 shares of the shipping company’s stock worth $224,000 after purchasing an additional 51,244 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Teekay Tankers by 68.4% during the fourth quarter. Bank of New York Mellon Corp now owns 618,102 shares of the shipping company’s stock worth $866,000 after purchasing an additional 250,955 shares during the last quarter. Hedge funds and other institutional investors own 46.95% of the company’s stock.
About Teekay Tankers
Teekay Tankers Ltd. engages in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. The company also provides ship-to-ship transfer services, including lightering and lightering support, consultancy, and LNG terminal management services.
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