Intrinsic value of Teekay Tankers - TNK

Previous Close

$1.13

  Intrinsic Value

$0.92

stock screener

  Rating & Target

hold

-19%

Previous close

$1.13

 
Intrinsic value

$0.92

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of TNK stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  440
  450
  461
  474
  489
  505
  522
  540
  560
  582
  605
  630
  656
  683
  713
  744
  777
  812
  849
  888
  929
  973
  1,019
  1,067
  1,118
  1,171
  1,227
  1,287
  1,349
  1,414
Variable operating expenses, $m
  92
  94
  96
  99
  102
  105
  109
  112
  116
  121
  123
  128
  134
  139
  145
  152
  158
  165
  173
  181
  189
  198
  208
  217
  228
  239
  250
  262
  275
  288
Fixed operating expenses, $m
  361
  369
  377
  385
  394
  402
  411
  420
  429
  439
  448
  458
  468
  479
  489
  500
  511
  522
  534
  545
  557
  570
  582
  595
  608
  622
  635
  649
  664
  678
Total operating expenses, $m
  453
  463
  473
  484
  496
  507
  520
  532
  545
  560
  571
  586
  602
  618
  634
  652
  669
  687
  707
  726
  746
  768
  790
  812
  836
  861
  885
  911
  939
  966
Operating income, $m
  -13
  -13
  -12
  -10
  -7
  -3
  2
  8
  15
  22
  33
  43
  54
  65
  78
  93
  108
  124
  142
  162
  183
  205
  229
  254
  282
  311
  342
  375
  411
  448
EBITDA, $m
  91
  94
  97
  102
  109
  116
  125
  135
  147
  159
  173
  189
  205
  224
  243
  265
  288
  312
  339
  367
  398
  430
  464
  501
  540
  582
  626
  673
  723
  775
Interest expense (income), $m
  39
  59
  61
  62
  64
  66
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  140
  147
  154
  161
  169
  177
  186
  195
Earnings before tax, $m
  -72
  -74
  -74
  -74
  -73
  -71
  -68
  -65
  -61
  -56
  -49
  -42
  -35
  -27
  -19
  -9
  2
  14
  26
  40
  55
  71
  89
  108
  128
  150
  173
  198
  224
  253
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  4
  7
  11
  15
  19
  24
  29
  35
  40
  47
  53
  61
  68
Net income, $m
  -72
  -74
  -74
  -74
  -73
  -71
  -68
  -65
  -61
  -56
  -49
  -42
  -35
  -27
  -19
  -9
  1
  10
  19
  29
  40
  52
  65
  79
  93
  109
  126
  144
  164
  184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,232
  2,284
  2,343
  2,408
  2,481
  2,562
  2,649
  2,743
  2,845
  2,954
  3,071
  3,196
  3,328
  3,469
  3,619
  3,778
  3,945
  4,123
  4,311
  4,509
  4,718
  4,938
  5,170
  5,415
  5,673
  5,944
  6,230
  6,531
  6,847
  7,180
Adjusted assets (=assets-cash), $m
  2,232
  2,284
  2,343
  2,408
  2,481
  2,562
  2,649
  2,743
  2,845
  2,954
  3,071
  3,196
  3,328
  3,469
  3,619
  3,778
  3,945
  4,123
  4,311
  4,509
  4,718
  4,938
  5,170
  5,415
  5,673
  5,944
  6,230
  6,531
  6,847
  7,180
Revenue / Adjusted assets
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
Average production assets, $m
  1,852
  1,894
  1,943
  1,997
  2,058
  2,124
  2,197
  2,275
  2,360
  2,450
  2,547
  2,650
  2,760
  2,877
  3,001
  3,133
  3,272
  3,419
  3,575
  3,739
  3,913
  4,095
  4,288
  4,491
  4,705
  4,930
  5,167
  5,416
  5,679
  5,955
Working capital, $m
  41
  42
  43
  44
  45
  47
  49
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  114
  120
  125
  132
Total debt, $m
  1,127
  1,155
  1,187
  1,222
  1,262
  1,305
  1,352
  1,403
  1,458
  1,517
  1,580
  1,647
  1,719
  1,795
  1,876
  1,962
  2,052
  2,148
  2,249
  2,356
  2,469
  2,588
  2,714
  2,846
  2,985
  3,132
  3,286
  3,448
  3,619
  3,799
Total liabilities, $m
  1,206
  1,233
  1,265
  1,301
  1,340
  1,383
  1,430
  1,481
  1,536
  1,595
  1,658
  1,726
  1,797
  1,873
  1,954
  2,040
  2,131
  2,226
  2,328
  2,435
  2,548
  2,667
  2,792
  2,924
  3,063
  3,210
  3,364
  3,527
  3,697
  3,877
Total equity, $m
  1,027
  1,051
  1,078
  1,108
  1,141
  1,178
  1,218
  1,262
  1,309
  1,359
  1,413
  1,470
  1,531
  1,596
  1,665
  1,738
  1,815
  1,897
  1,983
  2,074
  2,170
  2,271
  2,378
  2,491
  2,610
  2,734
  2,866
  3,004
  3,150
  3,303
Total liabilities and equity, $m
  2,233
  2,284
  2,343
  2,409
  2,481
  2,561
  2,648
  2,743
  2,845
  2,954
  3,071
  3,196
  3,328
  3,469
  3,619
  3,778
  3,946
  4,123
  4,311
  4,509
  4,718
  4,938
  5,170
  5,415
  5,673
  5,944
  6,230
  6,531
  6,847
  7,180
Debt-to-equity ratio
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
  1.130
  1.130
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  -74
  -74
  -74
  -73
  -71
  -68
  -65
  -61
  -56
  -49
  -42
  -35
  -27
  -19
  -9
  1
  10
  19
  29
  40
  52
  65
  79
  93
  109
  126
  144
  164
  184
Depreciation, amort., depletion, $m
  104
  106
  109
  112
  115
  119
  123
  127
  132
  137
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
Funds from operations, $m
  32
  33
  35
  38
  43
  48
  55
  62
  71
  80
  91
  103
  116
  131
  146
  163
  181
  198
  216
  235
  255
  277
  301
  325
  352
  380
  410
  442
  476
  512
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  31
  32
  34
  37
  41
  47
  53
  60
  69
  78
  89
  101
  114
  128
  144
  160
  178
  195
  212
  231
  252
  273
  296
  321
  347
  375
  405
  436
  470
  506
Maintenance CAPEX, $m
  -100
  -102
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
New CAPEX, $m
  -37
  -43
  -49
  -55
  -61
  -66
  -72
  -78
  -84
  -91
  -97
  -103
  -110
  -117
  -124
  -132
  -139
  -147
  -156
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -276
Cash from investing activities, $m
  -137
  -145
  -153
  -162
  -171
  -179
  -189
  -199
  -209
  -221
  -232
  -243
  -256
  -269
  -282
  -297
  -311
  -327
  -344
  -360
  -378
  -398
  -418
  -439
  -461
  -484
  -508
  -533
  -560
  -588
Free cash flow, $m
  -106
  -113
  -119
  -124
  -129
  -133
  -136
  -139
  -140
  -142
  -142
  -142
  -142
  -140
  -139
  -136
  -133
  -132
  -131
  -129
  -127
  -125
  -121
  -118
  -113
  -108
  -103
  -97
  -90
  -82
Issuance/(repayment) of debt, $m
  26
  28
  32
  36
  39
  43
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  147
  154
  162
  171
  180
Issuance/(repurchase) of shares, $m
  93
  97
  101
  104
  106
  108
  108
  109
  108
  107
  102
  100
  96
  92
  87
  82
  76
  72
  67
  62
  56
  49
  42
  34
  25
  16
  5
  0
  0
  0
Cash from financing (excl. dividends), $m  
  119
  125
  133
  140
  145
  151
  155
  160
  163
  166
  165
  167
  168
  168
  168
  168
  167
  168
  168
  169
  169
  168
  167
  166
  164
  163
  159
  162
  171
  180
Total cash flow (excl. dividends), $m
  13
  12
  14
  15
  17
  18
  20
  21
  22
  24
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  66
  81
  97
Retained Cash Flow (-), $m
  -93
  -97
  -101
  -104
  -106
  -108
  -108
  -109
  -108
  -107
  -102
  -100
  -96
  -92
  -87
  -82
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -153
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -80
  -85
  -87
  -89
  -89
  -90
  -89
  -88
  -86
  -83
  -79
  -75
  -70
  -64
  -58
  -50
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -73
  -65
  -56
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  -73
  -71
  -66
  -60
  -54
  -48
  -41
  -35
  -29
  -23
  -18
  -14
  -11
  -8
  -5
  -4
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  88.4
  77.9
  68.5
  60.2
  52.9
  46.6
  41.2
  36.6
  32.6
  29.2
  26.3
  23.9
  21.9
  20.1
  18.7
  17.5
  16.4
  15.6
  14.8
  14.2
  13.7
  13.2
  12.9
  12.6
  12.5
  12.3
  12.3
  12.3
  12.3
  12.3

Teekay Tankers Ltd. is an international provider of marine transportation to the oil industries. The Company's business is to own crude oil and product tankers. The Company has two segments: conventional tanker and ship-to-ship transfer. Its conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts. Its ship-to-ship transfer segment consists of its lightering support services, including those provided to the Company's conventional tanker segment as part of full service lightering operations and other related services. Its operations are managed by Teekay Tankers Management Services Ltd., which provides the Company with commercial, technical, administrative and strategic services. Its fleet consists of approximately 60 conventional vessels (including over 10 in-chartered vessels and an approximately 50%-owned very large crude carrier (VLCC)) and approximately six ship-to-ship (STS) support vessels.

FINANCIAL RATIOS  of  Teekay Tankers (TNK)

Valuation Ratios
P/E Ratio 2.9
Price to Sales 0.3
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 0.9
Price to Free Cash Flow 0.9
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -98.9%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 81.7%
Total Debt to Equity 100%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 7%
Return On Equity - 3 Yr. Avg. 16.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 48.5%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 48.6%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 23.8%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 23.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 74.6%

TNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNK stock intrinsic value calculation we used $431.178 million for the last fiscal year's total revenue generated by Teekay Tankers. The default revenue input number comes from 0001 income statement of Teekay Tankers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TNK stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for TNK is calculated based on our internal credit rating of Teekay Tankers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Teekay Tankers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TNK stock the variable cost ratio is equal to 20.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $353 million in the base year in the intrinsic value calculation for TNK stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Teekay Tankers.

Corporate tax rate of 27% is the nominal tax rate for Teekay Tankers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TNK stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TNK are equal to 421%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Teekay Tankers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TNK is equal to 9.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1006.601 million for Teekay Tankers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 268.559 million for Teekay Tankers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Teekay Tankers at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
NAT Nordic America 2.91 1.25  sell
DHT DHT Holdings 4.60 1.61  str.sell
STNG Scorpio Tanker 1.80 1.28  sell
FRO Frontline 6.23 2.50  str.sell
TK Teekay 5.74 1.80  str.sell
ASC Ardmore Shippi 6.21 2.96  str.sell

COMPANY NEWS

▶ Teekay Tankers: 3Q Earnings Snapshot   [05:06AM  Associated Press]
▶ Teekay Corporation Declares Dividend   [Oct-03-18 04:05PM  GlobeNewswire]
▶ Teekay Tankers Ltd. Class A to Host Earnings Call   [Aug-02-18 11:00AM  ACCESSWIRE]
▶ Teekay Tankers: 2Q Earnings Snapshot   [05:08AM  Associated Press]
▶ Teekay LNG Partners Announces CFO Transition   [Jun-29-18 06:59AM  GlobeNewswire]
▶ Why Teekay Tankers Stock Popped 10% Today   [Jun-18-18 07:00PM  Motley Fool]
▶ Stay Away! 3 Dividend Stocks that Are Yield Traps   [May-23-18 11:51AM  Motley Fool]
▶ Why Teekay Corporation Stock Dropped 16% Today   [May-17-18 12:30PM  Motley Fool]
▶ Teekay Tankers: 1Q Earnings Snapshot   [05:05AM  Associated Press]
▶ Teekay Corporation Declares Dividend   [Apr-04-18 04:08PM  GlobeNewswire]
▶ Teekay Tankers Announces Changes to Board Audit Committee   [Mar-16-18 05:45PM  GlobeNewswire]
▶ Teekay Corporation Announces Changes to Board of Directors   [Mar-14-18 09:17PM  GlobeNewswire]
▶ Oil Tanker Stocks Win Upgrades: What You Need to Know   [Mar-06-18 11:34AM  Motley Fool]
▶ Why Teekay Tankers Stock Jumped Today   [Feb-22-18 03:43PM  Motley Fool]
▶ Teekay Tankers reports 4Q loss   [05:25AM  Associated Press]
▶ Teekay Tankers Declares Dividend   [Feb-21-18 08:47PM  GlobeNewswire]
▶ How Crude Tanker Rates Moved Last Week   [Jan-24-18 04:08PM  Market Realist]
▶ Teekay Corporation Announces Proposed Common Stock Offering   [Jan-23-18 04:03PM  GlobeNewswire]
▶ Euronav: Where Do Analysts View Its 4Q17 EBITDA?   [Jan-22-18 03:20PM  Market Realist]
▶ Analyzing Chinas December Auto Sales Data   [Jan-19-18 02:25PM  Market Realist]
▶ Week 2: Analysts Ratings for Crude Tanker Stocks   [Jan-16-18 03:10PM  Market Realist]
▶ Suezmax and Aframax Rates Fell in Week 2   [12:05PM  Market Realist]
▶ UBS Downgraded Gener8 Maritime Partners   [Jan-12-18 07:34AM  Market Realist]
▶ Crude Tanker Rates: 2018 Hasnt Started on a Good Note   [Jan-11-18 11:25AM  Market Realist]
▶ Week 1: Crude Tanker Industry Update   [09:51AM  Market Realist]
▶ Teekay Corporation Declares Dividend   [Jan-04-18 04:01PM  GlobeNewswire]
▶ Teekay Tankers: Analysts Estimates for 4Q17   [Jan-03-18 01:30PM  Market Realist]
▶ Week 51: Crude and Bunker Fuel Prices   [Dec-28-17 09:03AM  Market Realist]
▶ US Crude Oil Exports to China: Highest in November   [Dec-14-17 02:55PM  Market Realist]
▶ Week 49: Deutsche Bank Revised Frontlines Target Price   [Dec-13-17 09:02AM  Market Realist]
▶ Week 49: All Crude Tanker Stocks Fell More than 6%   [Dec-12-17 11:54AM  Market Realist]
▶ Teekay Tankers Announces Management Change   [06:59AM  GlobeNewswire]
▶ Why the Merger Is Important for Teekay Tankers   [Dec-01-17 01:50PM  Market Realist]
▶ Teekay Investments Merges with Teekay Tankers   [12:15PM  Market Realist]
▶ Frontlines Target Price Was Cut in Week 47   [10:33AM  Market Realist]
▶ How Frontlines Top Line Fared in 3Q17   [Nov-30-17 01:10PM  Market Realist]
▶ Week 46: Deutsche Bank Reduced Teekay Tankers Target Price   [Nov-22-17 07:33AM  Market Realist]
▶ Bunker Fuel Prices Fell in Week 46   [Nov-21-17 04:10PM  Market Realist]
▶ Whats Teekay Tankers Dividend Yield?   [10:32AM  Market Realist]
▶ A Look at Teekay Tankers 3Q17 Cost Side   [09:02AM  Market Realist]
▶ How Teekay Tankers Top Line Fared in 3Q17   [07:33AM  Market Realist]
▶ Teekay Tankers Highlights Positive Industry Developments   [Nov-17-17 05:00PM  Market Realist]
▶ How Teekay Tankers Performed in 3Q17   [03:29PM  Market Realist]
▶ What to Expect from Frontlines 3Q17 Earnings   [02:55PM  Market Realist]

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