Teekay Offshore Partners (TOO) Cut to Sell at ValuEngine

ValuEngine lowered shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

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 Teekay Offshore Partners stock opened at $1.94 on Wednesday. Teekay Offshore Partners has a 1 year low of $1.91 and a 1 year high of $3.12. The company has a market cap of $807.79 million, a price-to-earnings ratio of 194.00 and a beta of 2.38. 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 business 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 was Thursday, November 1st. This represents a $0.04 annualized dividend and a yield of 2.06%. Teekay Offshore Partners’s payout ratio is presently 400.00%.

Institutional investors have recently made changes to their positions in the business. Royce & Associates LP bought a new stake in Teekay Offshore Partners during the second quarter valued at approximately $148,000. Natixis lifted its position in Teekay Offshore Partners by 40.0% during the second quarter. Natixis now owns 70,000 shares of the shipping company’s stock valued at $185,000 after purchasing an additional 20,000 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Teekay Offshore Partners by 31.3% during the second quarter. California Public Employees Retirement System now owns 95,986 shares of the shipping company’s stock worth $253,000 after acquiring an additional 22,886 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Teekay Offshore Partners by 159.7% during the second quarter. GSA Capital Partners LLP now owns 139,394 shares of the shipping company’s stock worth $368,000 after acquiring an additional 85,711 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Teekay Offshore Partners by 44.8% during the third quarter. JPMorgan Chase & Co. now owns 647,608 shares of the shipping company’s stock worth $1,515,000 after acquiring an additional 200,315 shares in the last quarter. Institutional investors and hedge funds 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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