Teekay Offshore Partners (TOO) Upgraded by ValuEngine to “Buy”

ValuEngine upgraded shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Separately, Zacks Investment Research raised shares of Teekay Offshore Partners from a strong sell rating to a hold rating in a research report on Wednesday, September 26th.

Shares of NYSE:TOO opened at $2.17 on Tuesday. The company has a debt-to-equity ratio of 12.48, a current ratio of 0.61 and a quick ratio of 0.61. Teekay Offshore Partners has a 52-week low of $2.14 and a 52-week high of $3.12. The company has a market capitalization of $902.10 million, a price-to-earnings ratio of 217.00 and a beta of 2.60.

Teekay Offshore Partners (NYSE:TOO) last issued its quarterly earnings data on Thursday, August 2nd. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.03). Teekay Offshore Partners had a negative net margin of 36.83% and a positive return on equity of 2.83%. The firm had revenue of $283.87 million during the quarter, compared to analyst estimates of $293.19 million. On average, analysts anticipate that Teekay Offshore Partners will post -0.27 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, November 2nd will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.84%. The ex-dividend date is Thursday, November 1st. Teekay Offshore Partners’s dividend payout ratio (DPR) is 400.00%.

A number of large investors have recently modified their holdings of TOO. Luminus Management LLC grew its position in Teekay Offshore Partners by 4.2% in the second quarter. Luminus Management LLC now owns 9,938,496 shares of the shipping company’s stock valued at $26,237,000 after acquiring an additional 400,000 shares in the last quarter. Boston Partners grew its position in Teekay Offshore Partners by 29.8% in the second quarter. Boston Partners now owns 1,119,295 shares of the shipping company’s stock valued at $2,955,000 after acquiring an additional 256,927 shares in the last quarter. Van ECK Associates Corp grew its position in Teekay Offshore Partners by 10.9% in the second quarter. Van ECK Associates Corp now owns 1,239,186 shares of the shipping company’s stock valued at $3,271,000 after acquiring an additional 121,556 shares in the last quarter. Renaissance Technologies LLC grew its position in Teekay Offshore Partners by 16.3% in the second quarter. Renaissance Technologies LLC now owns 756,405 shares of the shipping company’s stock valued at $1,997,000 after acquiring an additional 106,005 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in Teekay Offshore Partners by 159.7% in the second quarter. GSA Capital Partners LLP now owns 139,394 shares of the shipping company’s stock valued at $368,000 after acquiring an additional 85,711 shares in the last quarter. 75.91% of the stock is owned by institutional investors.

About Teekay Offshore Partners

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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