UBS Downgrades Teekay Tankers Ltd. to Neutral with Price Target $3.00

Brokerage firm UBS Downgrades its rating on Teekay Tankers Ltd.(NYSE:TNK). In a research note issued to the investors, the brokerage major Lowers the price-target to $3.00 per share. The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by UBS was issued on Jul 26, 2016.

In a different note, On May 20, 2016, Bank of America said it Downgrades its rating on Teekay Tankers Ltd.. The shares have been rated ‘Underperform’ by the firm. Seaport Global said it Initiates Coverage on Teekay Tankers Ltd., according to a research note issued on May 4, 2016. The shares have been rated ‘Buy’ by the firm.

Teekay Tankers Ltd. (TNK) made into the market gainers list on Fridays trading session with the shares advancing 1.37% or 0.04 points. Due to strong positive momentum, the stock ended at $2.95, which is also near the day’s high of $2.97. The stock began the session at $2.9 and the volume stood at 15,75,054 shares. The 52-week high of the shares is $8.53 and the 52 week low is $2.78. The company has a current market capitalization of $461 M and it has 15,62,00,000 shares in outstanding.

Teekay Tankers Ltd.(TNK) last announced its earnings results on May 19, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $164.95M. Analysts had an estimated revenue of $160.14M. Earnings per share were $0.29. Analysts had estimated an EPS of $0.37.

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Company owns around 11 Aframax Tankers three medium range product tankers 10 Suezmax tankers and three long range 2 product tankers. The Company’s chartered-in vessels include eight Aframax Tankers and four long range 2 product tankers. The Company also operates one 50% owned very large crude carrier (VLCC). The Company’s operations are managed by Teekay Tankers Management Services Ltd. which provides the Company with commercial technical administrative and strategic services.

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