Zacks Investment Research cut shares of Teekay Offshore Partners L.P. (NYSE:TOO) from a buy rating to a hold rating in a research note issued to investors on Friday.
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. “
TOO has been the subject of several other research reports. Citigroup Inc. raised shares of Teekay Offshore Partners L.P. from a neutral rating to a buy rating in a report on Tuesday, July 25th. UBS AG lowered shares of Teekay Offshore Partners L.P. from an outperform rating to a market perform rating in a report on Thursday, July 27th. Raymond James Financial, Inc. reissued a market perform rating on shares of Teekay Offshore Partners L.P. in a report on Friday, July 28th. ValuEngine raised shares of Teekay Offshore Partners L.P. from a sell rating to a hold rating in a report on Friday, September 1st. Finally, Wells Fargo & Company raised shares of Teekay Offshore Partners L.P. from a market perform rating to an outperform rating and boosted their price target for the stock from $3.50 to $4.00 in a report on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Teekay Offshore Partners L.P. presently has a consensus rating of Hold and a consensus target price of $4.00.
Teekay Offshore Partners L.P. (NYSE:TOO) traded down 0.75% during trading on Friday, reaching $2.65. 699,665 shares of the company traded hands. Teekay Offshore Partners L.P. has a 52 week low of $1.65 and a 52 week high of $6.49. The firm has a 50-day moving average price of $2.51 and a 200-day moving average price of $3.16. The company has a market capitalization of $407.72 million, a P/E ratio of 4.62 and a beta of 2.76.
Teekay Offshore Partners L.P. (NYSE:TOO) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.12. The company had revenue of $244.60 million during the quarter, compared to analyst estimates of $270.00 million. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. The firm’s revenue was down 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 EPS. Analysts forecast that Teekay Offshore Partners L.P. will post $0.24 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, November 3rd will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, November 2nd. Teekay Offshore Partners L.P.’s payout ratio is 8.16%.
Several institutional investors have recently added to or reduced their stakes in TOO. Creative Planning grew its holdings in shares of Teekay Offshore Partners L.P. by 20.7% during the second quarter. Creative Planning now owns 36,188 shares of the shipping company’s stock worth $104,000 after buying an additional 6,215 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Teekay Offshore Partners L.P. during the first quarter worth $113,000. Global X Management Co. LLC grew its holdings in shares of Teekay Offshore Partners L.P. by 3.9% during the first quarter. Global X Management Co. LLC now owns 40,054 shares of the shipping company’s stock worth $203,000 after buying an additional 1,487 shares in the last quarter. Ballentine Partners LLC purchased a new stake in shares of Teekay Offshore Partners L.P. during the second quarter worth $249,000. Finally, Jane Street Group LLC purchased a new stake in shares of Teekay Offshore Partners L.P. during the first quarter worth $347,000. 48.32% of the stock is owned by institutional investors and hedge funds.
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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