Summit Global Investments Has $1.45 Million Stock Position in Teekay Tankers Ltd. (NYSE:TNK)

Summit Global Investments raised its position in Teekay Tankers Ltd. (NYSE:TNK) by 14.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,927 shares of the shipping company’s stock after acquiring an additional 3,208 shares during the period. Summit Global Investments’ holdings in Teekay Tankers were worth $1,452,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in shares of Teekay Tankers in the 2nd quarter worth approximately $1,775,000. Shariaportfolio Inc. acquired a new position in shares of Teekay Tankers in the 3rd quarter worth approximately $3,498,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Teekay Tankers by 51.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,846 shares of the shipping company’s stock worth $3,379,000 after buying an additional 19,752 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Teekay Tankers by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company’s stock worth $5,633,000 after buying an additional 11,535 shares in the last quarter. Finally, Unison Advisors LLC acquired a new position in shares of Teekay Tankers in the 3rd quarter worth approximately $740,000. Institutional investors and hedge funds own 52.67% of the company’s stock.

Analyst Upgrades and Downgrades

TNK has been the subject of a number of recent research reports. Evercore ISI increased their target price on Teekay Tankers from $84.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com started coverage on Teekay Tankers in a report on Thursday, October 10th. They set a “hold” rating for the company. Bank of America cut Teekay Tankers from a “buy” rating to a “neutral” rating and dropped their price target for the company from $57.00 to $51.00 in a report on Friday, November 1st. Fearnley Fonds raised Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $72.00 price target on shares of Teekay Tankers in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.33.

Teekay Tankers Stock Performance

Shares of TNK opened at $45.49 on Friday. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 3.73, a PEG ratio of 1.36 and a beta of -0.32. The business’s fifty day moving average price is $54.36 and its two-hundred day moving average price is $60.79. Teekay Tankers Ltd. has a 52 week low of $44.79 and a 52 week high of $74.20.

Teekay Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be given a $0.25 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. Teekay Tankers’s payout ratio is 8.21%.

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.