Teekay Tankers Ltd. (TNK) is Initiated by Seaport Global Securities to Buy, Price Target at $6

Teekay Tankers Ltd. (TNK) was Initiated by Seaport Global Securities to “Buy” and the brokerage firm has set the Price Target at $6. Seaport Global Securities advised their investors in a research report released on May 4, 2016.

Many Wall Street Analysts have commented on Teekay Tankers Ltd.. Teekay Tankers Ltd. was Upgraded by JP Morgan to ” Neutral” on Apr 7, 2016. Teekay Tankers Ltd. was Initiated by Danske Bank to “Hold” on Mar 2, 2016.

On the company’s financial health, Teekay Tankers Ltd. reported $0.31 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Feb 18, 2016. Analyst had a consensus of $0.41. The company had revenue of $168.98 million for the quarter, compared to analysts expectations of $150.82 million. The company’s revenue was up 112.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Teekay Tankers Ltd. opened for trading at $3.95 and hit $4.019 on the upside on Monday, eventually ending the session at $4, with a gain of 1.52% or 0.06 points. The heightened volatility saw the trading volume jump to 14,94,754 shares. Company has a market cap of $624 M.

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.

Teekay Tankers Ltd.

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