Teekay Tankers downgraded to Hold from Buy at DNB Markets » 05:1204/1204/12/21
DNB Markets analyst…
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|Over a week ago|
Teekay Tankers initiated with a Buy at H.C. Wainwright » 06:5503/2903/29/21
H.C. Wainwright analyst…
H.C. Wainwright analyst Magnus Fyhr initiated coverage of Teekay Tankers with a Buy rating and $22 price target as he started coverage of twelve crude and product tanker companies, telling investors that he thinks structural themes, paired with a cyclical recovery, set up an "attractive investment opportunity" in the crude and product tanker sectors. He sees the shift towards refined products and petrochemicals, as well as shifts in global refinery capacity, resulting in continued product tanker demand growth, the analyst stated.
|Over a month ago|
Teekay Tankers reports Q4 adjusted EPS ($1.21), consensus (99c) » 05:3202/2502/25/21
Reports Q4 revenue…
Reports Q4 revenue $127.8M, consensus $85.35M. "Crude spot tanker rate weakness persisted into the fourth quarter of 2020 as a result of OPEC+ production cuts resulting from reduced oil demand related to the COVID-19 pandemic and the unwinding of floating storage," commented Kevin Mackay, Teekay Tankers' president and CEO. "Despite the pronounced weakness in the fourth quarter and unprecedented challenges faced throughout 2020, Teekay Tankers nevertheless reported one of our best ever annual results."
Teekay Tankers price target lowered to $17 from $20 at Jefferies » 08:0201/2901/29/21
Jefferies analyst Randy…
Jefferies analyst Randy Giveans lowered the firm's price target on Teekay Tankers to $17 from $20 and keeps a Buy rating on the shares. During the quarter, LNG carrier spot rates soared on strong demand from Asia, dry bulk rates were "highly volatile on choppy Brazilian iron ore production," and crude and refined products tanker rates remained under pressure, Giveans tells investors s part of his Q4 preview for the maritime group.
|Over a quarter ago|
Teekay Tankers reports Q3 adj. EPS 9c, consensus 19c » 05:2511/1211/12/20
Reports Q3 revenue…
Reports Q3 revenue $170.24M, consensus $132.39M. "Despite weaker spot tanker rates and a heavy drydock schedule during the third quarter of 2020, Teekay Tankers reported an adjusted net income of $3.1 million, or $0.09 per share, as we benefitted from well-timed fixed-rate charters secured over the last several quarters at rates meaningfully above current spot market levels," commented Kevin Mackay, Teekay Tankers' president and CEO.
Teekay Tankers double-downgraded to Underperform from Buy at BofA » 06:1808/1408/14/20
BofA analyst Ken Hoexter…
BofA analyst Ken Hoexter double-downgraded Teekay Tankers to Underperform from Buy with a price target of $14, down from $20. The analyst believes that the peak has passed and tanker rates will now decline in the second half of the year and into 2021 as floating storage vessels return to the trading fleet. Hoexter adds that medium-term tanker fundamentals remain solid, but rate pressures will likely overhang on Teekay Tankers shares.
Teekay Tankers reports Q2 adj. EPS $2.39, consensus $2.56 » 05:3208/1308/13/20
Reports Q1 revenue…
Reports Q1 revenue $246.49M, consensus $250.47M. Reports GAAP EPS $2.91. "Teekay Tankers reported another profitable quarter in the second quarter of 2020, generating adjusted net income of approximately $80.7 million, or $2.39 per share," commented Kevin Mackay, Teekay Tankers' President and Chief Executive Officer. "The unprecedented impact of COVID-19 continues to be a major area of focus for us, but we have thus far successfully navigated the evolving logistical and regulatory challenges with minimal impact on our operations. As a result of the pandemic, the overall maritime industry has experienced significant challenges related to crew changes, but I am pleased to report that we have safely changed-out a number of crew members on effectively all of our vessels. We continue to work hard with both the industry and inter-governmental organizations to tackle this challenge and bring our remaining overdue colleagues home safely as soon as possible. I am truly proud of how our seafarers and onshore colleagues have responded to ensure crew rotations are completed safely and seamlessly, with no reported COVID-19 cases or interrupted service for our customers. We continue to increase our financial strength, which is one of our strategic priorities," continued Mr. Mackay. "During the second quarter alone, we generated free cash flow of approximately $126 million and opportunistically sold non-core assets, contributing to a net debt reduction of over $180 million, or approximately 25 percent, to $549 million and increasing our liquidity to $468 million at June 30th. Over the past year, we have transformed our balance sheet, reducing our net debt by approximately $445 million, or 45 percent, and increasing our liquidity by $348 million. In addition, we secured a new 3-year term loan to refinance our last 2021 debt maturity, eliminating any debt maturities until 2023 and further improving our financial flexibility. Mr. Mackay added, "We experienced our third straight quarter of strong spot tanker rates and earnings; however, spot tanker rates have come under pressure since mid-May 2020 as a result of the unwinding of floating storage and record OPEC+ production cuts, in addition to lower non-OPEC production, which reduced crude exports. At this point, the near-term outlook is uncertain, but we are pleased to have significantly reduced our effective free cash flow breakevens and near-term spot exposure by locking-in 23 percent of the tanker fleet on fixed-rate contracts at attractive rates, and we are encouraged by fleet supply fundamentals which are markedly more favourable relative to prior market cycles. With a low free cash flow breakeven of approximately $12,700 per day through to mid-2021 as a result of recent well-timed fixed-rate charter contracts, a strong liquidity position, low balance sheet leverage and no debt maturities until 2023, we believe that Teekay Tankers is financially well-positioned to continue creating shareholder value throughout a wide range of possible near-term market conditions."
Teekay Tankers downgraded to Hold from Buy at Fearnley » 05:3906/0206/02/20
Fearnley analyst Espen…
Fearnley analyst Espen Fjermestad downgraded Teekay Tankers to Hold from Buy with a $15 price target.
Teekay Tankers upgraded to Buy from Hold at DNB Markets » 05:2905/2805/28/20
DNB Markets analyst Mats…
DNB Markets analyst Mats Bye upgraded Teekay Tankers to Buy from Hold with a $21 price target.
Fly Intel: Pre-market Movers » 09:1605/2105/21/20
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