Teekay Tankers (Buy, TP: USD81.00) - Vintage earnings generator
We believe Teekay Tankers is attractively positioned to capitalise on the current solid mid-size tanker freight market, with its vintage fleet (average age 14.7 years) limiting the residual risk beyond the imminent upcycle we expect. Thus, with a meagre 1% fleet growth for the rest of 2024 for product and crude tankers, we see solid earnings for the company and estimate a 20%+ earnings yield for the next four quarters. We reiterate our BUY and have slightly raised our target price to USD81 (80).
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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