Zacks Investment Research cut shares of Teekay Offshore Partners L.P. (NYSE:TOO) from a strong-buy rating to a hold rating in a report published on Thursday, June 29th.
According to Zacks, “TEEKAY OFFSHORE PARTNERS L.P. is a publicly-traded master limited partnership formed by Teekay and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore currently owns a twenty six percent interest in and controls OPCO with a fleet of thirty four shuttle tankers (nine of which are chartered-in), four floating storage and offtake units and nine conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO. “
Several other research analysts also recently commented on TOO. Royal Bank Of Canada reiterated a buy rating and issued a $8.00 target price on shares of Teekay Offshore Partners L.P. in a report on Friday, March 17th. ValuEngine downgraded shares of Teekay Offshore Partners L.P. from a hold rating to a sell rating in a report on Friday, June 2nd. Finally, Morgan Stanley downgraded shares of Teekay Offshore Partners L.P. from an equal weight rating to an underweight rating and dropped their target price for the stock from $5.50 to $2.00 in a report on Friday, June 9th. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $3.25.
Shares of Teekay Offshore Partners L.P. (NYSE TOO) traded up 1.96% during mid-day trading on Thursday, hitting $2.60. The stock had a trading volume of 2,664,367 shares. Teekay Offshore Partners L.P. has a 52 week low of $1.65 and a 52 week high of $6.69. The stock’s market cap is $389.27 million. The stock has a 50-day moving average price of $2.43 and a 200 day moving average price of $4.40.
Teekay Offshore Partners L.P. (NYSE:TOO) last announced its earnings results on Thursday, May 18th. The shipping company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.22. The firm had revenue of $276.10 million for the quarter, compared to the consensus estimate of $249.09 million. Teekay Offshore Partners L.P. had a net margin of 4.98% and a return on equity of 7.07%. The business’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, equities analysts forecast that Teekay Offshore Partners L.P. will post $0.28 EPS for the current fiscal year.
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The business also recently disclosed a dividend, which will be paid on Friday, August 11th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, August 3rd. Teekay Offshore Partners L.P.’s payout ratio is -176.00%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its stake in Teekay Offshore Partners L.P. by 15.8% in the fourth quarter. FMR LLC now owns 13,278,697 shares of the shipping company’s stock worth $67,190,000 after buying an additional 1,808,014 shares during the last quarter. Guggenheim Capital LLC boosted its stake in Teekay Offshore Partners L.P. by 257.2% in the fourth quarter. Guggenheim Capital LLC now owns 938,749 shares of the shipping company’s stock worth $4,749,000 after buying an additional 675,906 shares during the last quarter. Arrow Investment Advisors LLC boosted its stake in Teekay Offshore Partners L.P. by 34.9% in the first quarter. Arrow Investment Advisors LLC now owns 181,669 shares of the shipping company’s stock worth $921,000 after buying an additional 47,004 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Teekay Offshore Partners L.P. during the first quarter worth $4,018,000. Finally, Avenir Corp boosted its stake in Teekay Offshore Partners L.P. by 7.7% in the first quarter. Avenir Corp now owns 1,332,597 shares of the shipping company’s stock worth $6,756,000 after buying an additional 95,280 shares during the last quarter. Institutional investors own 53.52% of the company’s stock.
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry in North Sea, Brazil and the East Coast of Canada. The Company operates shuttle tankers; towage vessels; floating, production, storage and off-loading (FPSO) units; floating storage and off-take (FSO) units; units for maintenance and safety (UMS); long-distance towing and offshore installation vessels, and conventional crude oil tankers.
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