Teekay Offshore Partners (TOO) Cut to Sell at ValuEngine

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ValuEngine cut shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a sell rating in a research report report published on Wednesday morning.

Separately, Zacks Investment Research upgraded shares of Teekay Offshore Partners from a hold rating to a buy rating and set a $2.25 target price for the company in a research report on Wednesday.

Shares of NYSE:TOO opened at $1.94 on Wednesday. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $807.79 million, a price-to-earnings ratio of 194.00 and a beta of 2.38. Teekay Offshore Partners has a twelve month low of $1.91 and a twelve month high of $3.12.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 9th. Shareholders of record on Friday, November 2nd were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, November 1st. This represents a $0.04 dividend on an annualized basis and a yield of 2.06%. Teekay Offshore Partners’s dividend payout ratio is presently 400.00%.

Hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP bought a new position in shares of Teekay Offshore Partners in the second quarter valued at approximately $148,000. GSA Capital Partners LLP boosted its position in shares of 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 during the period. TCW Group Inc. bought a new position in shares of Teekay Offshore Partners in the third quarter valued at approximately $2,791,000. Luminus Management LLC boosted its position in shares of 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 during the period. Finally, Boston Partners boosted its position in shares of 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 during the period. Institutional investors own 75.90% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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