Highland Capital Management LLC Invests $286,000 in Teekay Tankers Ltd. (NYSE:TNK)

Highland Capital Management LLC bought a new position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,462 shares of the shipping company's stock, valued at approximately $286,000.

Several other hedge funds also recently bought and sold shares of the stock. Voloridge Investment Management LLC lifted its holdings in shares of Teekay Tankers by 1,352.3% in the 4th quarter. Voloridge Investment Management LLC now owns 242,713 shares of the shipping company's stock worth $9,658,000 after acquiring an additional 226,001 shares during the last quarter. Royce & Associates LP acquired a new position in Teekay Tankers during the fourth quarter worth $8,980,000. Millennium Management LLC purchased a new position in shares of Teekay Tankers during the fourth quarter worth $8,110,000. Marshall Wace LLP boosted its position in shares of Teekay Tankers by 262.6% during the fourth quarter. Marshall Wace LLP now owns 216,805 shares of the shipping company's stock worth $8,627,000 after buying an additional 157,015 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in shares of Teekay Tankers in the fourth quarter valued at $5,131,000. Hedge funds and other institutional investors own 52.67% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TNK shares. Jefferies Financial Group reissued a "buy" rating and set a $55.00 target price on shares of Teekay Tankers in a research note on Thursday, May 8th. Evercore ISI reduced their target price on shares of Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Teekay Tankers currently has a consensus rating of "Moderate Buy" and an average price target of $50.67.

Teekay Tankers Stock Performance

Shares of NYSE:TNK traded up $1.58 on Thursday, hitting $44.87. 435,443 shares of the company's stock were exchanged, compared to its average volume of 424,386. Teekay Tankers Ltd. has a 1-year low of $33.35 and a 1-year high of $70.00. The company has a market capitalization of $1.54 billion, a PE ratio of 4.81 and a beta of -0.04. The firm's 50-day moving average is $44.52 and its 200 day moving average is $41.36.

Teekay Tankers (NYSE:TNK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The shipping company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.32). Teekay Tankers had a return on equity of 15.05% and a net margin of 31.45%. The company had revenue of $115.64 million for the quarter, compared to analyst estimates of $146.31 million. During the same quarter in the prior year, the business earned $4.23 earnings per share. Teekay Tankers's revenue was down 37.1% compared to the same quarter last year. On average, analysts anticipate that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Increases Dividend

The company also recently announced a -- dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were given a dividend of $1.00 per share. The ex-dividend date was Monday, May 19th. This represents a dividend yield of 2.3%. This is a boost from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's payout ratio is 10.72%.

Teekay Tankers Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.