Teekay Offshore Partners L.P. (NYSE:TOO) shares rose 8.4% during trading on Tuesday . The stock traded as high as $2.86 and last traded at $2.83. Approximately 626,405 shares traded hands during trading, a decline of 19% from the average daily volume of 770,553 shares. The stock had previously closed at $2.61.
TOO has been the subject of several research analyst reports. Morgan Stanley upgraded Teekay Offshore Partners from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a research note on Monday, February 12th. ValuEngine upgraded Teekay Offshore Partners from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Zacks Investment Research upgraded Teekay Offshore Partners from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Teekay Offshore Partners currently has an average rating of “Buy” and a consensus price target of $3.19.
The company has a market cap of $1.12 billion, a PE ratio of 283.00, a price-to-earnings-growth ratio of 2.92 and a beta of 2.51. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.43 and a quick ratio of 0.43.
The company also recently declared a quarterly dividend, which was paid on Friday, May 11th. Investors of record on Friday, May 4th were paid a $0.01 dividend. The ex-dividend date of this dividend was Thursday, May 3rd. This represents a $0.04 annualized dividend and a yield of 1.41%. Teekay Offshore Partners’s dividend payout ratio (DPR) is presently 400.00%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Luminus Management LLC raised its holdings in Teekay Offshore Partners by 58.3% in the 4th quarter. Luminus Management LLC now owns 10,969,207 shares of the shipping company’s stock valued at $25,888,000 after acquiring an additional 4,040,663 shares in the last quarter. CI Global Investments Inc. raised its holdings in Teekay Offshore Partners by 4.7% in the 1st quarter. CI Global Investments Inc. now owns 4,500,000 shares of the shipping company’s stock valued at $10,215,000 after acquiring an additional 200,000 shares in the last quarter. First Manhattan Co. acquired a new position in Teekay Offshore Partners in the 4th quarter valued at $6,478,000. Evergreen Capital Management LLC raised its holdings in Teekay Offshore Partners by 11.3% in the 1st quarter. Evergreen Capital Management LLC now owns 1,465,942 shares of the shipping company’s stock valued at $3,328,000 after acquiring an additional 148,840 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Teekay Offshore Partners by 80.6% in the 1st quarter. Van ECK Associates Corp now owns 1,117,630 shares of the shipping company’s stock valued at $2,537,000 after acquiring an additional 498,674 shares in the last quarter. 76.23% of the stock is owned by hedge funds and other institutional investors.
Teekay Offshore Partners Company Profile
Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, long-distance towing and offshore installation, and maintenance and safety services for the oil industry. It operates in six segments: Floating Production, Storage and Offloading (FPSO); Shuttle Tanker; Floating Storage and Off-Take (FSO); Unit for Maintenance and Safety (UMS); Towage; and Conventional Tanker.
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