Bank of America Corp DE boosted its stake in Teekay Offshore Partners L.P. (NYSE:TOO) by 22.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,765 shares of the shipping company’s stock after buying an additional 12,966 shares during the period. Bank of America Corp DE’s holdings in Teekay Offshore Partners L.P. were worth $354,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Morgan Stanley boosted its position in shares of Teekay Offshore Partners L.P. by 51.0% in the first quarter. Morgan Stanley now owns 833,071 shares of the shipping company’s stock valued at $4,224,000 after buying an additional 281,296 shares during the period. Global X Management Co. LLC boosted its position in shares of 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 during the period. Arrow Investment Advisors LLC boosted its position in shares of Teekay Offshore Partners L.P. by 34.9% in the first quarter. Arrow Investment Advisors LLC now owns 181,669 shares of the shipping company’s stock valued at $921,000 after buying an additional 47,004 shares during the period. FMR LLC boosted its position in shares of Teekay Offshore Partners L.P. by 8.8% in the first quarter. FMR LLC now owns 14,448,997 shares of the shipping company’s stock valued at $73,256,000 after buying an additional 1,170,300 shares during the period. Finally, Van ECK Associates Corp purchased a new position in shares of Teekay Offshore Partners L.P. during the first quarter valued at about $4,018,000. 48.36% of the stock is owned by institutional investors and hedge funds.

Shares of Teekay Offshore Partners L.P. (NYSE:TOO) traded down 1.489% during mid-day trading on Tuesday, hitting $2.315. 185,087 shares of the stock were exchanged. The firm has a market cap of $356.18 million, a price-to-earnings ratio of 3.951 and a beta of 2.72. Teekay Offshore Partners L.P. has a 52-week low of $1.65 and a 52-week high of $6.69. The stock has a 50-day moving average price of $2.50 and a 200 day moving average price of $3.93.

Teekay Offshore Partners L.P. (NYSE:TOO) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.12. Teekay Offshore Partners L.P. had a return on equity of 5.24% and a net margin of 11.51%. The company had revenue of $244.60 million during the quarter, compared to analysts’ expectations of $270 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was down 14.0% on a year-over-year basis. On average, equities research analysts expect that Teekay Offshore Partners L.P. will post $0.25 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Monday, August 7th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Thursday, August 3rd. Teekay Offshore Partners L.P.’s dividend payout ratio is currently 8.16%.

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Several brokerages have issued reports on TOO. Zacks Investment Research cut shares of Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. UBS AG set a $3.00 target price on shares of Teekay Offshore Partners L.P. and gave the stock a “buy” rating in a report on Monday, August 7th. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Teekay Offshore Partners L.P. in a report on Friday, July 28th. 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. Finally, Morgan Stanley cut shares of Teekay Offshore Partners L.P. from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $5.50 to $2.00 in a report on Friday, June 9th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $3.94.

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.

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Institutional Ownership by Quarter for Teekay Offshore Partners L.P. (NYSE:TOO)

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