Teekay Offshore Partners L.P. (NYSE:TOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $6.25 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.81% from the company’s current price.

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 brokerages also recently weighed in on TOO. TheStreet downgraded Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a research note on Friday, August 5th. RBC Capital Markets raised Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and set a $8.00 price objective for the company in a research note on Thursday, August 18th. Finally, Royal Bank Of Canada raised Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $5.00 to $8.00 in a research note on Thursday, August 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $7.35.

Analyst Recommendations for Teekay Offshore Partners L.P. (NYSE:TOO)

Teekay Offshore Partners L.P. (NYSE:TOO) opened at 5.59 on Thursday. The stock’s market capitalization is $768.23 million. Teekay Offshore Partners L.P. has a 1-year low of $2.30 and a 1-year high of $13.64. The firm’s 50-day moving average is $6.04 and its 200 day moving average is $5.75.

Teekay Offshore Partners L.P. (NYSE:TOO) last announced its earnings results on Thursday, November 3rd. The company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.18. The firm earned $286.30 million during the quarter, compared to analyst estimates of $277.18 million. Teekay Offshore Partners L.P.’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that Teekay Offshore Partners L.P. will post $1.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, November 4th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.87%. The ex-dividend date was Wednesday, November 2nd.

Several hedge funds have recently modified their holdings of the company. HBK Investments L P bought a new stake in shares of Teekay Offshore Partners L.P. during the first quarter worth about $169,000. Berson & Corrado Investment Advisors LLC boosted its position in Teekay Offshore Partners L.P. by 69.2% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 480,248 shares of the company’s stock worth $2,857,000 after buying an additional 196,394 shares in the last quarter. Ronna Sue Cohen boosted its position in Teekay Offshore Partners L.P. by 3.0% in the second quarter. Ronna Sue Cohen now owns 109,440 shares of the company’s stock worth $651,000 after buying an additional 3,231 shares in the last quarter. Trust Asset Management LLC boosted its position in Teekay Offshore Partners L.P. by 2.4% in the second quarter. Trust Asset Management LLC now owns 35,343 shares of the company’s stock worth $210,000 after buying an additional 827 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its position in Teekay Offshore Partners L.P. by 42.5% in the second quarter. Gilman Hill Asset Management LLC now owns 245,996 shares of the company’s stock worth $1,464,000 after buying an additional 73,316 shares in the last quarter.

About Teekay Offshore Partners L.P.

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.

5 Day Chart for NYSE:TOO

Receive News & Stock Ratings for Teekay Offshore Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teekay Offshore Partners L.P. and related stocks with our FREE daily email newsletter.