Cleaves Securities Sticks to Their Buy Rating for Teekay Tankers (TNK)

Cleaves Securities analyst Peter Christensen maintained a Buy rating on Teekay Tankers (TNKResearch Report) yesterday and set a price target of $24.00. The company’s shares closed last Monday at $14.36.

According to, Christensen is a 1-star analyst with an average return of -12.1% and a 0.0% success rate. Christensen covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

Currently, the analyst consensus on Teekay Tankers is a Moderate Buy with an average price target of $19.50.

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Based on Teekay Tankers’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $123 million and GAAP net loss of $129 million. In comparison, last year the company earned revenue of $246 million and had a net profit of $98.2 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. The Conventional Tanker segment includes the operations of all the tankers, including those employed on full service lightering contracts. The STS Transfer segment offers lightering support services provided to conventional tanker segment as part of the full service lightering operations. The company was founded in October 2007 and is headquartered in Hamilton, Bermuda.

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