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Crude Oil Tanker Stocks: Estimates, Recommendations for 2Q17

PART:
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Part 9
Crude Oil Tanker Stocks: Estimates, Recommendations for 2Q17 PART 9 OF 11

Analysts and Teekay Tankers’ Upcoming 2Q17 Results

Revenue and earnings estimate for 2Q17

Wall Street analysts estimate that Teekay Tankers’ (TNK) revenue will be ~$84.0 million in the second quarter of 2017 compared to $100.7 million in 1Q17 and ~$139.6 million in 2Q16. Along with a fall in revenues, analysts expect a fall in the company’s EBITDA (earnings before interest, tax, depreciation, and amortization).

Analysts and Teekay Tankers&#8217; Upcoming 2Q17 Results

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Analysts expect Teekay Tankers’ 2Q17 EBITDA to be $25.1 million compared to $38.4 million in 1Q17 and $62.7 million in 2Q16. In 2017, revenue is expected to fall 33.0% to $352.0 million from its 2016 revenue of $526.0 million. The 2017 EBITDA estimate for TNK is $124.0 million, which is lower than its 2016 EBITDA of $211.0 million.

A look at TNK’s peers

Below are the 2017 revenue estimates for Teekay Tankers’ peers:

  • Frontline (FRO): 30.8% lower YoY (year-over-year)
  • DHT Holdings (DHT): 4.5% lower YoY
  • Euronav (EURN): 24.8% lower YoY
  • Nordic American Tankers (NAT): $207.0 million, or 12.5% lower YoY

Analyst recommendations

According to Reuters, the consensus recommendation for Teekay Tankers is 2.9, which means a “hold.” Currently, 11 analysts are covering Teekay Tankers; there were 14 at the start of the year. Of those 11 analysts, none of them have given it a “strong buy,” and three have given it a “buy.” Six have given it a “hold,” two have recommended a ”sell,” and none have given it a “strong sell.” The consensus target price is $2.28, which implies an upside of 29.2% from the current price of $1.76 on July 6, 2017.

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