Teekay Tankers (TNK) Receives a Buy from Evercore ISI

By Ryan Adsit

Evercore ISI analyst Jonathan Chappell maintained a Buy rating on Teekay Tankers (TNKResearch Report) on November 15 and set a price target of $3.50. The company’s shares closed last Monday at $2.39, close to its 52-week high of $2.45.

According to TipRanks.com, Chappell is a 4-star analyst with an average return of 9.6% and a 55.6% success rate. Chappell covers the Services sector, focusing on stocks such as Eagle Bulk Shipping, Navigator Holdings, and Ardmore Shipping.

Teekay Tankers has an analyst consensus of Strong Buy, with a price target consensus of $3.50, which is a 52.8% upside from current levels. In a report issued on November 4, Cleaves Securities also maintained a Buy rating on the stock with a $4.50 price target.

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Based on Teekay Tankers’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $14.31 million. In comparison, last year the company had a GAAP net loss of $17.48 million.

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Teekay Tankers Ltd. engages in the provision of crude oil and refined petroleum products through the operation of its oil and product tankers. It operates through the Conventional Tanker and Ship-to-Ship (STS) Transfer segment.