Zacks Investment Research upgraded shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $2.25 price target 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. “

Separately, ValuEngine raised shares of Teekay Offshore Partners from a hold rating to a buy rating in a research note on Saturday, September 22nd.

NYSE:TOO opened at $1.94 on Wednesday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.52 and a current ratio of 0.52. Teekay Offshore Partners has a 52 week low of $1.91 and a 52 week high of $3.12. The firm has a market capitalization of $807.79 million, a PE ratio of 194.00 and a beta of 2.38.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Friday, November 2nd were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Thursday, November 1st. Teekay Offshore Partners’s dividend payout ratio is currently 400.00%.

Several large investors have recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Teekay Offshore Partners by 5.4% in the 3rd quarter. FMR LLC now owns 34,492,807 shares of the shipping company’s stock valued at $80,713,000 after purchasing an additional 1,776,005 shares during the last quarter. Luminus Management LLC boosted its stake in shares of Teekay Offshore Partners by 4.2% in the 2nd quarter. Luminus Management LLC now owns 9,938,496 shares of the shipping company’s stock valued at $26,237,000 after purchasing an additional 400,000 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Teekay Offshore Partners by 10.9% in the 2nd quarter. Van ECK Associates Corp now owns 1,239,186 shares of the shipping company’s stock valued at $3,271,000 after purchasing an additional 121,556 shares during the last quarter. TCW Group Inc. bought a new stake in shares of Teekay Offshore Partners in the 3rd quarter valued at $2,791,000. Finally, Boston Partners boosted its stake in shares of Teekay Offshore Partners by 29.8% in the 2nd quarter. Boston Partners now owns 1,119,295 shares of the shipping company’s stock valued at $2,955,000 after purchasing an additional 256,927 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Teekay Offshore Partners Company Profile

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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