Jefferies Financial Group Issues Pessimistic Forecast for Teekay Tankers (NYSE:TNK) Stock Price

Teekay Tankers (NYSE:TNK) had its price target cut by research analysts at Jefferies Financial Group from $72.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 38.82% from the company’s current price.

Several other equities analysts also recently weighed in on TNK. Evercore ISI increased their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com started coverage on shares of Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating on the stock. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Bank of America reiterated an “underperform” rating and issued a $46.00 price target (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teekay Tankers presently has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Teekay Tankers Price Performance

Teekay Tankers stock opened at $43.22 on Thursday. The firm’s 50-day moving average is $53.35 and its two-hundred day moving average is $60.32. The stock has a market capitalization of $1.48 billion, a P/E ratio of 3.55, a P/E/G ratio of 1.28 and a beta of -0.32. Teekay Tankers has a 12-month low of $43.17 and a 12-month high of $74.20.

Institutional Investors Weigh In On Teekay Tankers

Several large investors have recently made changes to their positions in the business. Acadian Asset Management LLC raised its holdings in shares of Teekay Tankers by 41.3% during the 2nd quarter. Acadian Asset Management LLC now owns 935,652 shares of the shipping company’s stock valued at $64,361,000 after buying an additional 273,530 shares during the period. FMR LLC raised its stake in shares of Teekay Tankers by 9.2% during the third quarter. FMR LLC now owns 1,480,670 shares of the shipping company’s stock valued at $86,249,000 after purchasing an additional 124,659 shares during the period. Renaissance Technologies LLC raised its stake in shares of Teekay Tankers by 20.9% during the second quarter. Renaissance Technologies LLC now owns 714,612 shares of the shipping company’s stock valued at $49,172,000 after purchasing an additional 123,500 shares during the period. American Century Companies Inc. lifted its position in shares of Teekay Tankers by 15.0% during the second quarter. American Century Companies Inc. now owns 719,298 shares of the shipping company’s stock worth $49,495,000 after purchasing an additional 93,788 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Teekay Tankers by 9.7% in the third quarter. Principal Financial Group Inc. now owns 906,700 shares of the shipping company’s stock valued at $52,815,000 after purchasing an additional 80,217 shares during the period. Institutional investors and hedge funds own 52.67% of the company’s stock.

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.