Teekay Offshore Partners L.P. (TOO) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Teekay Offshore Partners L.P. (NYSE:TOO) from a hold rating to a buy rating in a report released on Thursday, July 13th. Zacks Investment Research currently has $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. “
A number of other analysts also recently commented on TOO. Royal Bank Of Canada restated a buy rating and set a $8.00 price objective on shares of Teekay Offshore Partners L.P. in a report on Friday, March 17th. ValuEngine downgraded Teekay Offshore Partners L.P. from a hold rating to a sell rating in a report on Friday, June 2nd. Finally, Morgan Stanley downgraded Teekay Offshore Partners L.P. from an equal weight rating to an underweight rating and dropped their price objective for the stock from $5.50 to $2.00 in a report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $3.94.
Teekay Offshore Partners L.P. (NYSE TOO) traded down 0.39% on Thursday, hitting $2.54. The stock had a trading volume of 1,511,687 shares. Teekay Offshore Partners L.P. has a 52-week low of $1.65 and a 52-week high of $6.69. The company’s market cap is $380.28 million. The company 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. (NYSE:TOO) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.12. The company had revenue of $244.60 million during the quarter, compared to the consensus estimate of $270 million. Teekay Offshore Partners L.P. had a return on equity of 5.24% and a net margin of 11.51%. Teekay Offshore Partners L.P.’s revenue was down 14.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 EPS. On average, equities research analysts predict that Teekay Offshore Partners L.P. will post $0.28 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Monday, August 7th will be given a $0.01 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.04 dividend on an annualized basis and a yield of 1.57%. Teekay Offshore Partners L.P.’s payout ratio is currently 8.16%.
A number of institutional investors have recently bought and sold shares of TOO. 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 worth $104,000 after buying an additional 6,215 shares during the last quarter. Stifel Financial Corp purchased a new position in Teekay Offshore Partners L.P. during the first quarter worth $113,000. 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 worth $203,000 after buying an additional 1,487 shares during the last quarter. Brookfield Asset Management Inc. purchased a new position in Teekay Offshore Partners L.P. during the first quarter worth $238,000. Finally, Ballentine Partners LLC purchased a new position in Teekay Offshore Partners L.P. during the second quarter worth $249,000. 53.82% of the stock is owned by institutional investors.
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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