Zacks Investment Research upgraded shares of Teekay Offshore Partners L.P. (NYSE:TOO) from a hold rating to a buy rating in a research report sent to investors on Thursday, July 13th. They currently have $2.75 target price on the shipping company’s stock.
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 firms also recently weighed in on TOO. Royal Bank Of Canada reiterated a buy rating and issued a $8.00 price target on shares of Teekay Offshore Partners L.P. in a research report on Friday, March 17th. ValuEngine downgraded shares of Teekay Offshore Partners L.P. from a hold rating to a sell rating in a research 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 decreased their price target for the stock from $5.50 to $2.00 in a research report on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Teekay Offshore Partners L.P. currently has a consensus rating of Hold and a consensus target price of $3.94.
Shares of Teekay Offshore Partners L.P. (NYSE TOO) opened at 2.56 on Thursday. The company’s market capitalization is $383.28 million. The stock has a 50 day moving average price of $2.43 and a 200-day moving average price of $4.34. Teekay Offshore Partners L.P. has a one year low of $1.65 and a one year high of $6.69.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.12. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. The business had revenue of $244.60 million for the quarter, compared to the consensus estimate of $270 million. During the same period last year, the firm earned $0.22 earnings per share. The company’s quarterly revenue was down 14.0% on a year-over-year basis. On average, equities research analysts expect that Teekay Offshore Partners L.P. will post $0.28 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Monday, August 7th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.04 annualized dividend and a dividend yield of 1.56%. Teekay Offshore Partners L.P.’s payout ratio is 8.16%.
Several hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp purchased a new stake in shares of Teekay Offshore Partners L.P. during the first quarter valued at approximately $113,000. Creative Planning increased its stake in shares of Teekay Offshore Partners L.P. by 31.5% in the first quarter. Creative Planning now owns 29,973 shares of the shipping company’s stock valued at $152,000 after buying an additional 7,178 shares during the last quarter. Global X Management Co. LLC boosted its position in Teekay Offshore Partners L.P. by 3.9% in the first quarter. Global X Management Co. LLC now owns 40,054 shares of the shipping company’s stock valued at $203,000 after buying an additional 1,487 shares during the last quarter. Brookfield Asset Management Inc. bought a new position in Teekay Offshore Partners L.P. during the first quarter valued at $238,000. Finally, Jane Street Group LLC bought a new position in Teekay Offshore Partners L.P. during the first quarter valued at $347,000. Hedge funds and other institutional investors own 53.82% of the company’s stock.
Teekay Offshore Partners L.P. Company Profile
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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