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Upgrade Alert for Teekay Tankers (TNK)

By Amy Schwartz

Teekay Tankers (NYSE:TNK) was upgraded from Underweight to Neutral at JP Morgan today. The stock closed yesterday at $4.08 on volume of 243,000 shares, below average daily volume of 393,000.

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

There is potential upside of 33.8% for shares of Teekay Tankers based on a current price of $4.08 and an average consensus analyst price target of $5.46. The stock should discover initial support at its 200-day moving average (MA) of $3.89 and subsequent support at its 50-day MA of $3.89.

In the past 52 weeks, shares of Teekay Tankers have traded between a low of $2.60 and a high of $5.08 and closed yesterday at $4.08, which is 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Teekay Tankers on June 18th, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.90. Since that recommendation, shares of Teekay Tankers have risen 4.6%. We continue to monitor TNK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades teekay tankers

Ticker(s): TNK