Price Action Alert: Will Teekay Tankers Ltd. Short Squeeze Soon?

Price Action Alert: Will Teekay Tankers Ltd. Short Squeeze Soon?

The stock of Teekay Tankers Ltd. (NYSE:TNK) hit a new 52-week low and has $1.70 target or 14.00% below today’s $1.98 share price. The 7 months bearish chart indicates high risk for the $300.24M company. The 1-year low was reported on Nov, 2 by Barchart.com. If the $1.70 price target is reached, the company will be worth $42.03M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. The stock decreased 4.35% or $0.09 during the last trading session, hitting $1.98. About 3.61M shares traded hands or 163.50% up from the average. Teekay Tankers Ltd. (NYSE:TNK) has declined 43.60% since March 31, 2016 and is downtrending. It has underperformed by 46.12% 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 $12.13M for 6.19 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 has “Buy” rating given by UBS on Thursday, October 22. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Underweight” rating given on Tuesday, January 12 by JP Morgan. The rating was downgraded by Bank of America on Friday, May 20 to “Underperform”. The rating was initiated by Credit Agricole with “Outperform” on Tuesday, December 8. The rating was downgraded by Zacks on Tuesday, September 22 to “Hold”. As per Friday, November 6, the company rating was upgraded by Deutsche Bank. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Buy” rating given on Friday, September 4 by UBS. On Thursday, April 7 the stock rating was upgraded by JP Morgan to “Neutral”. The firm has “Hold” rating given on Wednesday, March 2 by Danske Bank. The stock has “Neutral” rating given by UBS on Tuesday, July 26.

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 improved, 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.
Meeder Asset Management last reported 0.04% of its portfolio in the stock. Bnp Paribas Arbitrage holds 0% or 5,377 shares in its portfolio. Moreover, Schwab Charles Mngmt has 0% invested in Teekay Tankers Ltd. (NYSE:TNK) for 181,000 shares. Balyasny Asset Lc has 0% invested in the company for 19,300 shares. California Pub Employees Retirement Sys holds 141,700 shares or 0% of its portfolio. The New York-based Alliancebernstein L P has invested 0% in Teekay Tankers Ltd. (NYSE:TNK). Moreover, Axa has 0% invested in Teekay Tankers Ltd. (NYSE:TNK) for 33,514 shares. The Texas-based Dimensional Fund Advisors Lp has invested 0.01% in Teekay Tankers Ltd. (NYSE:TNK). The Alabama-based Weiss Multi has invested 0.04% in Teekay Tankers Ltd. (NYSE:TNK). Huber Cap Management Ltd Liability has 2.35% invested in the company for 19.18M shares. The Pennsylvania-based Muhlenkamp & Incorporated has invested 0.06% in Teekay Tankers Ltd. (NYSE:TNK). Moreover, Wells Fargo Mn has 0% invested in Teekay Tankers Ltd. (NYSE:TNK) for 336,484 shares. Aqr Cap Limited Liability Company owns 13,233 shares or 0% of their US portfolio. Atria Invests holds 0% or 10,000 shares in its portfolio. California State Teachers Retirement Systems last reported 244,329 shares in the company.

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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