Teekay Tankers Ltd. (TNK) is Downgraded by BofA/Merrill to Underperform

Teekay Tankers Ltd. (TNK) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on May 20, 2016.

Many Wall Street Analysts have commented on Teekay Tankers Ltd.. Seaport Global Securities Initiated Teekay Tankers Ltd. on May 4, 2016 to “Buy”, Price Target of the shares are set at $6.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 $0.29 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on May 19, 2016. Analyst had a consensus of $0.37. The company had revenue of $165.00 million for the quarter, compared to analysts expectations of $150.94 million. The company’s revenue was up 53.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Teekay Tankers Ltd. closed down -0.32 points or -8.23% at $3.57 with 40,05,634 shares getting traded on Thursday. Post opening the session at $3.8, the shares hit an intraday low of $3.5 and an intraday high of $3.8 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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