Exclusive: What’s Propelling Teekay Tankers Ltd. to Reach All-Time Low?

Exclusive: What's Propelling Teekay Tankers Ltd. to Reach All Time Low?

The stock of Teekay Tankers Ltd. (NYSE:TNK) reached all time low today, Nov, 3 and still has $1.80 target or 12.00% below today’s $2.05 share price. This indicates more downside for the $297.34 million company. This technical setup was reported by Barchart.com. If the $1.80 PT is reached, the company will be worth $35.68M 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 increased 3.54% or $0.07 during the last trading session, hitting $2.05. About 3.10M shares traded hands or 116.78% up from the average. Teekay Tankers Ltd. (NYSE:TNK) has declined 45.90% since April 1, 2016 and is downtrending. It has underperformed by 47.12% the S&P500.

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 company was downgraded on Tuesday, January 12 by JP Morgan. Bank of America downgraded the stock to “Underperform” rating in Friday, May 20 report. Seaport Global initiated it with “Buy” rating and $6 target price in Wednesday, May 4 report. The firm has “Overweight” rating by Barclays Capital given on Monday, January 11. The rating was upgraded by Deutsche Bank on Friday, November 6 to “Buy”. JP Morgan upgraded Teekay Tankers Ltd. (NYSE:TNK) on Thursday, April 7 to “Neutral” rating. The firm has “Neutral” rating by UBS given on Tuesday, July 26. The company was initiated on Wednesday, March 2 by Danske Bank. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Buy” rating given on Thursday, October 22 by UBS. The stock of Teekay Tankers Ltd. (NYSE:TNK) has “Outperform” rating given on Tuesday, December 8 by Credit Agricole.

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 2016 Q2. 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.
Berson & Corrado Investment Advisors Ltd Company owns 1.21 million shares or 2.34% of their US portfolio. Zwj Invest Counsel Incorporated holds 10,755 shares or 0% of its portfolio. Essex Fincl Service Inc owns 14,436 shares or 0.01% of their US portfolio. Goldman Sachs Grp Inc Incorporated holds 0% of its portfolio in Teekay Tankers Ltd. (NYSE:TNK) for 79,774 shares. Loews Corp holds 61,790 shares or 0% of its portfolio. Frontier Invest Mngmt holds 0.01% of its portfolio in Teekay Tankers Ltd. (NYSE:TNK) for 39,308 shares. Moreover, Alliancebernstein L P has 0% invested in Teekay Tankers Ltd. (NYSE:TNK) for 125,057 shares. Hbk Invs Limited Partnership has 55,902 shares for 0% of their US portfolio. Tudor Investment Corporation Et Al holds 0.01% of its portfolio in Teekay Tankers Ltd. (NYSE:TNK) for 107,700 shares. Pinnacle Holding Limited Com has 10,000 shares for 0% of their US portfolio. Allianz Asset Mngmt Ag holds 0% or 1.15M shares in its portfolio. Tfs Capital Limited Liability Company holds 0.03% or 52,479 shares in its portfolio. California Employees Retirement Systems has invested 0% of its portfolio in Teekay Tankers Ltd. (NYSE:TNK). Marshall Wace Llp, a United Kingdom-based fund reported 26,145 shares. Peak6 Invests Limited Partnership holds 0% or 34,419 shares in its portfolio.

Another recent and important Teekay Tankers Ltd. (NYSE:TNK) news was published by Marketwired.com which published an article titled: “Teekay Tankers Ltd. Reports Third Quarter 2016 Results” on November 03, 2016.

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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