Summit Global Investments Cuts Position in Teekay Tankers Ltd. (NYSE:TNK)

Summit Global Investments cut its stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 29.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC grew its stake in Teekay Tankers by 273.7% during the 3rd quarter. Barclays PLC now owns 31,472 shares of the shipping company's stock valued at $1,833,000 after purchasing an additional 23,051 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $5,131,000. ABC Arbitrage SA acquired a new position in shares of Teekay Tankers during the fourth quarter valued at approximately $372,000. Proficio Capital Partners LLC purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $629,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Teekay Tankers in the fourth quarter valued at approximately $310,000. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TNK has been the subject of several analyst reports. Evercore ISI lowered their price objective on Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group reiterated a "buy" rating and issued a $55.00 price objective on shares of Teekay Tankers in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Teekay Tankers presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

Teekay Tankers Stock Down 0.4%

NYSE TNK traded down $0.17 during trading hours on Thursday, hitting $45.28. 307,565 shares of the stock were exchanged, compared to its average volume of 401,486. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 4.00 and a beta of -0.10. Teekay Tankers Ltd. has a 12-month low of $33.35 and a 12-month high of $72.30. The stock has a 50-day moving average of $41.83 and a 200 day moving average of $40.82.

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

Teekay Tankers Increases Dividend

The company also recently announced a -- dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were issued a $1.00 dividend. 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 dividend payout ratio is 10.72%.

About Teekay Tankers

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.