Teekay Tankers Ltd. (NYSE:TNK) Short Interest Up 10.3% in January

Teekay Tankers Ltd. (NYSE:TNK) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 841,700 shares, an increase of 10.3% from the January 15th total of 763,000 shares. Based on an average daily trading volume, of 669,200 shares, the short-interest ratio is currently 1.3 days. Approximately 3.5% of the shares of the stock are short sold.

Hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new stake in Teekay Tankers in the 4th quarter valued at about $27,000. Virtu Financial LLC boosted its position in Teekay Tankers by 12.9% in the 3rd quarter. Virtu Financial LLC now owns 39,781 shares of the shipping company’s stock valued at $52,000 after buying an additional 4,547 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Teekay Tankers in the 2nd quarter valued at about $65,000. Point72 Hong Kong Ltd purchased a new stake in Teekay Tankers in the 4th quarter valued at about $102,000. Finally, Russell Investments Group Ltd. purchased a new stake in Teekay Tankers in the 3rd quarter valued at about $105,000.

Shares of TNK stock traded down $1.16 during trading hours on Friday, reaching $14.84. 644,400 shares of the stock were exchanged, compared to its average volume of 853,481. Teekay Tankers has a 12-month low of $7.44 and a 12-month high of $25.74. The company has a current ratio of 0.89, a quick ratio of 0.71 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average price is $20.22 and its 200-day moving average price is $9.34. The firm has a market capitalization of $527.39 million, a price-to-earnings ratio of -61.83, a price-to-earnings-growth ratio of 0.84 and a beta of 1.36.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, November 13th. The shipping company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.08. Teekay Tankers had a negative net margin of 1.19% and a negative return on equity of 0.49%. The firm had revenue of $182.30 million during the quarter, compared to analysts’ expectations of $95.10 million. During the same period in the previous year, the company earned ($0.56) EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Teekay Tankers will post 1.94 EPS for the current year.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Thursday, December 26th. Evercore ISI restated a “buy” rating and issued a $28.00 target price on shares of Teekay Tankers in a report on Sunday, November 17th. Jefferies Financial Group upgraded shares of Teekay Tankers from a “hold” rating to a “buy” rating in a report on Wednesday, October 23rd. Bank of America upgraded shares of Teekay Tankers from an “underperform” rating to a “buy” rating in a report on Wednesday, November 27th. Finally, ValuEngine cut shares of Teekay Tankers from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $21.50.

Teekay Tankers Company Profile

Teekay Tankers Ltd. provides marine transportation services to oil industries in Bermuda and internationally. It operates through two segments, Conventional Tanker and Ship-to-ship Transfer (STS). The company offers voyage and time charter services; and offshore STS transfer services of commodities primarily crude oil and refined oil products, as well as liquid gases and various other products.

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