Summit Global Investments Sells 6,424 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Summit Global Investments trimmed its position in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 29.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,307 shares of the shipping company's stock after selling 6,424 shares during the quarter. Summit Global Investments' holdings in Teekay Tankers were worth $586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. R Squared Ltd purchased a new stake in shares of Teekay Tankers during the 4th quarter valued at approximately $41,000. Meeder Asset Management Inc. purchased a new stake in Teekay Tankers in the fourth quarter worth approximately $77,000. New Age Alpha Advisors LLC purchased a new position in Teekay Tankers in the 4th quarter worth $132,000. BNP Paribas Financial Markets bought a new stake in shares of Teekay Tankers in the 4th quarter valued at about $143,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Teekay Tankers by 7.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,219 shares of the shipping company's stock valued at $168,000 after purchasing an additional 286 shares during the period. 52.67% of the stock is owned by institutional investors.

Teekay Tankers Trading Up 2.3%

NYSE TNK traded up $1.02 during trading hours on Wednesday, hitting $45.26. 250,204 shares of the company's stock traded hands, compared to its average volume of 399,839. Teekay Tankers Ltd. has a 52 week low of $33.35 and a 52 week high of $73.04. The business's fifty day moving average price is $41.56 and its two-hundred day moving average price is $40.78. The firm has a market capitalization of $1.55 billion, a P/E ratio of 4.00 and a beta of -0.10.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its earnings results on Wednesday, May 7th. The shipping company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.32). Teekay Tankers had a return on equity of 20.67% and a net margin of 34.55%. The business had revenue of $115.64 million for the quarter, compared to analysts' expectations of $146.31 million. During the same quarter in the prior year, the business posted $4.23 EPS. The business's revenue for the quarter was down 37.1% compared to the same quarter last year. On average, sell-side analysts expect that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently commented on TNK shares. Evercore ISI decreased their target price on Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group reiterated a "buy" rating and set a $55.00 price target on shares of Teekay Tankers in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.67.

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.