Teekay Tankers (Hold, TP: USD14.90) - The worst should be behind us
In our view, the historically weak Q3 should mark the trough before the still-elusive tanker upcycle as OPEC+ production volumes rebound. In the meantime, Teekay Tankers continues to work on its balance sheet to tackle near-term challenges. We believe consensus has consistently been too optimistic on near-term improvements in recent quarters, and we still struggle to see an imminent recovery although we should be headed in the right direction. We reiterate our HOLD, with a new target price of USD14.9 (14.3).
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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