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Crude Tankers: Wells Fargo’s Revised Recommendations

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Crude tankers in week 25

In this part, we’ll discuss analysts’ recommendations for crude tanker companies in week 25, which ended on June 22.

Revisions

On June 18, Wells Fargo upgraded DHT Holdings (DHT), Frontline (FRO), and Teekay Tankers (TNK) to “outperform.” Wells Fargo also revised these companies’ target prices. DHT Holdings’ target price was raised to $7 from $5. Frontline’s target price was raised to $5.3 from $5. Teekay Tankers’ target price was raised to $2 from $1.5.

Previous revisions

In week 24, Evercore reduced the target price for Tsakos Energy Navigation to $5 from $6 and maintained an “outperform” rating. In week 23, none of the analysts revised their recommendations or target prices for crude tanker companies.

In week 22, Evercore increased Frontline’s target price to $4 from $3.5. DNB Markets maintained a “buy” rating on Frontline and a target price of 60 Norwegian kroner.

In week 21, none of the analysts revised their target prices or recommendations for crude tanker companies. In week 20, Evercore reduced Teekay Tankers’ (TNK) target price to $2 from $2.5. In week 18 and week 19, none of the analysts revised their recommendations or target prices for crude tanker companies.

In week 17, Citigroup reduced Euronav’s (EURN) target price to $10.00 from $10.50. Wells Fargo reduced Tsakos Energy Navigation’s (TNP) target price to $4 from $4.25.

J.P. Morgan upgraded Navios Maritime Midstream Partners (NAP) by two levels to “overweight” from “underweight.” J.P. Morgan reduced Navios Maritime Midstream Partners’ target price to $6.00 from $7.00. J.P. Morgan downgraded DHT Holdings (DHT) to “neutral” from “overweight.”

On the same day, Jefferies reduced DHT Holdings’ target price to $5.00. Jefferies reduced Tsakos Energy Navigation and Nordic American Tankers’ (NAT) target prices to $5.00 and $2.50, respectively.

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