Teekay Offshore Partners L.P.’s (TOO) Market Perform Rating Reaffirmed at Raymond James Financial, Inc.

Raymond James Financial, Inc. reissued their market perform rating on shares of Teekay Offshore Partners L.P. (NYSE:TOO) in a report released on Friday, July 28th, Marketbeat Ratings reports.

Several other analysts also recently commented on TOO. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a strong sell rating to a hold rating in a research report on Wednesday, May 10th. 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. Morgan Stanley downgraded shares of Teekay Offshore Partners L.P. from an equal weight rating to an underweight rating and cut their price objective for the company from $5.50 to $2.00 in a research report on Friday, June 9th. UBS AG downgraded shares of Teekay Offshore Partners L.P. from an outperform rating to a market perform rating in a research report on Thursday, July 27th. Finally, Citigroup Inc. raised shares of Teekay Offshore Partners L.P. from a neutral rating to a buy rating in a research report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $3.94.

Teekay Offshore Partners L.P. (NYSE:TOO) traded up 0.79% on Friday, hitting $2.56. 1,103,295 shares of the company were exchanged. The company has a 50 day moving average price of $2.43 and a 200-day moving average price of $4.34. The stock’s market capitalization is $383.28 million. Teekay Offshore Partners L.P. has a 52 week low of $1.65 and a 52 week high of $6.69.

Teekay Offshore Partners L.P. (NYSE:TOO) last released its earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. The firm had revenue of $244.60 million for the quarter, compared to the consensus estimate of $270 million. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. The company’s revenue was down 14.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 EPS. On average, equities analysts expect that Teekay Offshore Partners L.P. will post $0.28 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Thursday, August 3rd. Teekay Offshore Partners L.P.’s dividend payout ratio is currently 8.16%.

Institutional investors have recently bought and sold shares of the stock. Ronna Sue Cohen boosted its position in Teekay Offshore Partners L.P. by 0.7% in the first quarter. Ronna Sue Cohen now owns 101,454 shares of the shipping company’s stock valued at $514,000 after buying an additional 686 shares in 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 in the last quarter. Berson & Corrado Investment Advisors LLC boosted its position in Teekay Offshore Partners L.P. by 0.6% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 651,369 shares of the shipping company’s stock valued at $1,869,000 after buying an additional 3,944 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Teekay Offshore Partners L.P. by 7.3% in the first quarter. Parkside Financial Bank & Trust now owns 77,110 shares of the shipping company’s stock valued at $391,000 after buying an additional 5,275 shares in the last quarter. Finally, Creative Planning boosted its position in Teekay Offshore Partners L.P. by 20.7% in the second quarter. Creative Planning now owns 36,188 shares of the shipping company’s stock valued at $104,000 after buying an additional 6,215 shares in the last quarter. Institutional investors and hedge funds 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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