Teekay Tankers (NYSE:TNK) Price Target Lowered to $60.00 at Jefferies Financial Group

Teekay Tankers (NYSE:TNK) had its price objective dropped by analysts at Jefferies Financial Group from $72.00 to $60.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 34.77% from the company’s previous close.

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

Teekay Tankers Stock Performance

TNK traded up $0.46 on Thursday, hitting $44.52. 148,408 shares of the company were exchanged, compared to its average volume of 356,760. The stock’s fifty day moving average is $53.73 and its 200-day moving average is $60.54. The company has a market cap of $1.53 billion, a PE ratio of 3.65, a PEG ratio of 1.28 and a beta of -0.32. Teekay Tankers has a 12 month low of $43.49 and a 12 month high of $74.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TNK. Sei Investments Co. increased its position in Teekay Tankers by 47.2% during the first quarter. Sei Investments Co. now owns 72,591 shares of the shipping company’s stock worth $4,240,000 after acquiring an additional 23,281 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Teekay Tankers by 4.3% in the first quarter. Russell Investments Group Ltd. now owns 247,186 shares of the shipping company’s stock valued at $14,366,000 after buying an additional 10,260 shares during the period. ProShare Advisors LLC acquired a new stake in Teekay Tankers during the first quarter worth approximately $251,000. Bleakley Financial Group LLC grew its position in Teekay Tankers by 29.4% during the first quarter. Bleakley Financial Group LLC now owns 9,574 shares of the shipping company’s stock worth $559,000 after buying an additional 2,178 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Teekay Tankers by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 187,115 shares of the shipping company’s stock worth $10,929,000 after acquiring an additional 15,537 shares during the period. Institutional investors 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.