Teekay Tankers Minor model adjustments
We are above Q2 Bloomberg consensus (results expected 15 August), forecasting EBITDA of USD30.0m (consensus USD22.1m) and a net loss of USD16.1m (consensus USD19.6m). US crude exports have surprised to the upside of our estimates YTD and continue to be a positive driver for crude tanker demand, especially considering Teekay Tankers’ lightering business in the area. We have not made material changes to our estimates, and reiterate our BUY recommendation and USD2.20 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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