Teekay Tankers: Downgrade To Hold On Deteriorating Economic Growth
Summary
- Teekay Tankers (TNK) shares have stalled since February despite strong Q1 2023 financial performance and a capital return program announcement.
- Investors may be concerned about the sustainability of high tanker rates and the impact of OPEC+ production cuts on tanker demand.
- Long-term outlook remains positive due to the ongoing Russian oil ban and a low tanker orderbook, but I believe it is prudent to downgrade TNK stock to a hold.
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