Credit Agricole Says Its Time To Outperform Teekay Tankers (NYSE:TNK). Will Stock Hit Their Target of $10.00?


Why Has Credit Agricole Given Teekay Tankers (NYSE:TNK) a $10.00 Price Target

Credit Agricole analyst have commenced coverage coverage on Teekay Tankers (NYSE:TNK) with a $10.00 Estimated Target Price and Outperform rating. The Estimated Target Price suggests a potential upside of 36.99% from firm’s last stock price.

From a total of 11 analysts covering Teekay Tankers (NYSE:TNK) stock, 8 rate it a ”Buy”, 1 a “Sell”, and 2 a ”Hold”. This means that 73% of the ratings are positive. Teekay Tankers was the topic of 4 analyst reports since September 4, 2015 according to the firm StockzIntelligence Inc. Deutsche Bank upgraded shares on November 6 to “Buy” rating. Zacks downgraded TNK stock in a recent report from September 22 to “Hold” rating.

The stock decreased 2.28% or $0.17 during the last trading session, striking $7.3. Approximately shares of stock traded hands. Teekay Tankers Ltd. (NYSE:TNK) has risen 16.43% since May 5, 2015 and is uptrending. It has outperformed by 17.02% the S&P500.

Credit Agricole Says Its Time To Outperform Teekay Tankers (NYSE:TNK). Will Stock Hit Their Target of $10.00?

The overall sentiment of institutions has decreased to 1.23 in Q2 2015. Its down 0.45, from 1.68 in 2015Q2. The ratio dropped, as 35 institutions have sold all the shares of Teekay Tankers Ltd. that they owned while 36 funds have taken shares off the table. 30 funds have purchased shares for the first time while 57 added to their positions. These institutions now hold 75.93 million shares or 22.79% more than the 61.83 million shares they owned in 2015Q2.

The Fund Contrarian Capital Management L.L.C. currently is holding shares equating to 11.65% of its total portfolio in Teekay Tankers Ltd. representing a total of 3.36 million shares. Another fund,Lorem Ipsum Management Llc, is holding a total of 2.48 million shares equating to 7.8% of their holdings. Additionally, Berson & Corrado Investment Advisors Llc has a 1.42 million share stake in Teekay Tankers Ltd. which represents 5.53% of their total portfolio. The Fund, Oceanic Investment Management Ltd, based out of Isle Of Man, has also built up a stake in the stock, which represents a total of 3.54% of their total portfolio. Finally New Generation Advisors Llc, a fund which is based in the state of Massachusetts reported a total holdings of 711,581 shares.

Teekay Tankers Ltd. is an international well-known provider of marine transportation to the oil industries. The company has a market cap of $1.15 billion. The Company’s business is to own crude oil and product tankers. It has 5.86 P/E ratio. The Firm owns around 11 Aframax Tankers, three medium range product tankers, 10 Suezmax tankers and three long range 2 product tankers.

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.” Get a free copy of the Zacks research report on Teekay Tankers Ltd. (TNK).