Teekay Tankers Ltd. (NYSE:TNK – Get Rating) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 755,600 shares, a decrease of 47.9% from the August 15th total of 1,450,000 shares. Approximately 3.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 416,100 shares, the short-interest ratio is presently 1.8 days.
Teekay Tankers Trading Up 5.4 %
Shares of NYSE TNK traded up $1.48 during trading hours on Wednesday, hitting $28.88. 606,940 shares of the company traded hands, compared to its average volume of 402,412. The stock has a market capitalization of $974.35 million, a price-to-earnings ratio of -12.31, a price-to-earnings-growth ratio of 4.49 and a beta of -0.09. The company has a current ratio of 1.63, a quick ratio of 1.19 and a debt-to-equity ratio of 0.63. The company’s 50 day moving average price is $22.52 and its 200 day moving average price is $18.73. Teekay Tankers has a 12 month low of $9.89 and a 12 month high of $28.88.
Teekay Tankers (NYSE:TNK – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The shipping company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.33 by $0.43. Teekay Tankers had a negative return on equity of 7.48% and a negative net margin of 11.15%. The company had revenue of $242.40 million for the quarter, compared to the consensus estimate of $109.04 million. During the same quarter in the prior year, the company posted ($1.23) EPS. Teekay Tankers’s quarterly revenue was up 96.4% on a year-over-year basis. On average, equities research analysts anticipate that Teekay Tankers will post 2.02 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in TNK. Martingale Asset Management L P boosted its holdings in Teekay Tankers by 10.1% during the first quarter. Martingale Asset Management L P now owns 23,014 shares of the shipping company’s stock worth $320,000 after buying an additional 2,102 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Teekay Tankers by 2.5% in the first quarter. Vanguard Group Inc. now owns 98,450 shares of the shipping company’s stock valued at $1,363,000 after buying an additional 2,394 shares during the last quarter. Amalgamated Bank purchased a new stake in shares of Teekay Tankers in the first quarter valued at about $40,000. Rhumbline Advisers grew its holdings in shares of Teekay Tankers by 20.7% in the first quarter. Rhumbline Advisers now owns 32,864 shares of the shipping company’s stock valued at $455,000 after purchasing an additional 5,639 shares during the period. Finally, NewEdge Advisors LLC purchased a new stake in shares of Teekay Tankers in the first quarter valued at about $159,000. 28.74% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on TNK shares. Jefferies Financial Group increased their price target on Teekay Tankers from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. StockNews.com upgraded Teekay Tankers from a “sell” rating to a “hold” rating in a research note on Friday, August 5th. TheStreet upgraded Teekay Tankers from a “d+” rating to a “c-” rating in a research note on Thursday, August 4th. Finally, Clarkson Capital reissued a “buy” rating on shares of Teekay Tankers in a research note on Tuesday, June 14th.
Teekay Tankers Company Profile
Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; and offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.