Teekay Tankers price target lowered to $69 from $77 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on Teekay Tankers to $69 from $77 and keeps a Buy rating on the shares. Teekay Tankers last week severed the employment of both CEO Kevin Mackay and CFO Stewart Andrade, effective August 31, and has sold most of its assets over the last few years, is simplifying its cost structure and consolidating management, the analyst tells investors in a research note. The firm believes Teekay will continue to focus on asset renewal, in line with its recent move to sell two older 2005-built vessels and buy one newer 2021-built vessel.