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Downgrade Alert for Teekay Tankers (TNK)

By Shiri Gupta

Teekay Tankers (NYSE:TNK) was downgraded from Buy to Neutral at UBS today. The stock closed yesterday at $2.99 on volume of 2.1 million shares, above average daily volume of 2.0 million.

There is potential upside of 240.8% for shares of Teekay Tankers based on a current price of $2.99 and an average consensus analyst price target of $10.19. The stock should find initial resistance at its 50-day moving average (MA) of $3.79 and further resistance at its 200-day MA of $5.80.

In the past 52 weeks, shares of Teekay Tankers have traded between a low of $2.78 and a high of $8.53 and closed yesterday at $2.99, which is 8% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.1%.

Teekay Tankers Ltd. owns and operates a fleet of crude oil tankers, primarily in the aframax sector.

SmarTrend recommended that its subscribers protect gains by selling shares of Teekay Tankers on November 5th, 2015 by issuing a Downtrend alert when the shares were trading at $6.76. Since that call, shares of Teekay Tankers have fallen 54.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades teekay tankers

Ticker(s): TNK