BofA downgraded Teekay Tankers (TNK) to Neutral from Buy with a price target of $51, down from $57, after the company posted adjusted Q3 EPS of $1.83, which was below the firm’s $1.93 estimate and the Street’s $1.88 consensus forecast. While the company expects tanker spot rates to increase significantly as winter approaches, this will be off a lower base given the weaker Q3 levels, the analyst tells investors.
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Read More on TNK:
- Teekay Tankers downgraded to Neutral from Buy at BofA
- Teekay Tankers Reports Strong Q3 2024 Results
- Teekay Tankers Q3 Results and Strategic Acquisition
- TNK Earnings this Week: How Will it Perform?
- Teekay Tankers Outlines Corporate Continuance
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