Stock of The Day: What’s Teekay Tankers Ltd. Downside After Achieving All-Time Low?

Stock of The Day: What's Teekay Tankers Ltd. Downside After Achieving All Time Low?

The stock of Teekay Tankers Ltd. (NYSE:TNK) reached all time low today, Oct, 28 and still has $2.06 target or 12.00% below today’s $2.34 share price. This indicates more downside for the $360.64M company. This technical setup was reported by Barchart.com. If the $2.06 PT is reached, the company will be worth $43.28M less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only. The stock decreased 3.31% or $0.08 on October 28, hitting $2.34. About 1.84M shares traded hands or 50.82% up from the average. Teekay Tankers Ltd. (NYSE:TNK) has declined 31.64% since March 28, 2016 and is downtrending. It has underperformed by 36.35% the S&P500.

Analysts await Teekay Tankers Ltd. (NYSE:TNK) to report earnings on November, 3. They expect $0.08 earnings per share, down 73.33% or $0.22 from last year’s $0.3 per share. TNK’s profit will be $12.33 million for 7.31 P/E if the $0.08 EPS becomes a reality. After $0.20 actual earnings per share reported by Teekay Tankers Ltd. for the previous quarter, Wall Street now forecasts -60.00% negative EPS growth.

Teekay Tankers Ltd. (NYSE:TNK) Ratings Coverage

Out of 9 analysts covering Teekay Tankers (NYSE:TNK), 4 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 44% are positive. Teekay Tankers has been the topic of 14 analyst reports since September 4, 2015 according to StockzIntelligence Inc. The stock of Teekay Tankers Ltd. (NYSE:TNK) earned “Buy” rating by Deutsche Bank on Friday, November 6. As per Friday, September 4, the company rating was upgraded by UBS. The rating was initiated by Seaport Global on Wednesday, May 4 with “Buy”. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Hold” rating given on Tuesday, September 22 by Zacks. JP Morgan upgraded Teekay Tankers Ltd. (NYSE:TNK) rating on Thursday, April 7. JP Morgan has “Neutral” rating and $5 price target. As per Friday, May 20, the company rating was downgraded by Bank of America. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Outperform” rating given on Tuesday, December 8 by Credit Agricole. UBS downgraded the stock to “Neutral” rating in Tuesday, July 26 report. The stock of Teekay Tankers Ltd. (NYSE:TNK) earned “Underweight” rating by JP Morgan on Tuesday, January 12. Barclays Capital initiated the shares of TNK in a report on Monday, January 11 with “Overweight” rating.

According to Zacks Investment Research, “Teekay Tankers Ltd. is a Marshall Islands corporation recently formed by Teekay Corporation to provide international marine transportation of crude oil. Teekay Tankers Ltd. owns a fleet of nine double-hull Aframax-class oil tankers, which an affiliate of Teekay Corporation manages under a mix of spot-market trading and short- or medium-term fixed-rate time-charter contracts. In addition, Teekay Corporation will offer to Teekay Tankers Ltd. within eighteen months of the initial public offering the opportunity to purchase up to four Suezmax-class oil tankers. Teekay Tankers Ltd. intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors.”

Insitutional Activity: The institutional sentiment increased to 1.17 in Q2 2016. Its up 0.08, from 1.09 in 2016Q1. The ratio increased, as 24 funds sold all Teekay Tankers Ltd. shares owned while 34 reduced positions. 17 funds bought stakes while 51 increased positions. They now own 67.96 million shares or 5.39% less from 71.83 million shares in 2016Q1.
Invesco Limited has 149,076 shares for 0% of their US portfolio. Citadel Ltd Liability Com has invested 0% of its portfolio in Teekay Tankers Ltd. (NYSE:TNK). State Street Corporation last reported 1.43 million shares in the company. Frontier owns 39,308 shares or 0.01% of their US portfolio. Art Advisors Limited Liability Co owns 622,785 shares or 0.09% of their US portfolio. Moreover, Barclays Pcl has 0% invested in Teekay Tankers Ltd. (NYSE:TNK) for 3,286 shares. Glenmede Trust Communication Na owns 1,792 shares or 0% of their US portfolio. Blackrock Inv Lc accumulated 497,036 shares or 0% of the stock. Chicago Equity Prns Limited last reported 231,465 shares in the company. Ladenburg Thalmann Fincl Service has 0% invested in the company for 15,113 shares. Atria Invests Ltd Limited Liability Company has 0% invested in the company for 10,000 shares. American Group accumulated 67,076 shares or 0% of the stock. Suntrust Banks reported 13,894 shares or 0% of all its holdings. Citigroup Inc reported 18,557 shares or 0% of all its holdings. Schwab Charles Inv Management Inc has 181,000 shares for 0% of their US portfolio.

TNK Company Profile

Teekay Tankers Ltd., incorporated on October 17, 2007, is an international well-known provider of marine transportation to the oil industries. The Company’s business is to own crude oil and product tankers. The Firm has two divisions: conventional tanker and ship-to-ship transfer. The Company’s conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of its lightering support services, including those provided to the Company’s conventional tanker segment as part of full service lightering activities and other related services. The Company’s activities are managed by Teekay Tankers Management Services Ltd., which provides the Company with commercial, technical, administrative and strategic services.

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